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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, March 23, 2016, Vol. 17, No. 058


                            Headlines


B U L G A R I A

CHIMCO AD: Delyan Peevski to Withdraw Acquisition Plan


F R A N C E

PSA PEUGEOT: DBRS Confirms 'BB' Issuer Rating


G E R M A N Y

DEUTSCHE BANK: Moody's Reviews Ba1 Bond Ratings for Downgrade
INEOS STYROLUTION: Moody's Assigns B1 CFR, Outlook Stable


G R E E C E

ELEX ALPHA: Moody's Affirms B1(sf) Rating on Class E Notes


I C E L A N D

LABEYRIE FINE: Fitch Affirms 'B+' Rating on EUR355MM Sec. Notes


I R E L A N D

CLOVERIE PLC 2007-52: Fitch Affirms 'BB+' Rating on Notes
EIRCOM HOLDINGS: Moody's Raises Corporate Family Rating to B2
TAURUS 2016-1: DBRS Finalizes BB(sf) Rating on Class E Notes


L U X E M B O U R G

INTELSAT JACKSON: Moody's Assigns B1 Rating to $1.25BB Sr. Notes
INVESTCORP SA: Moody's Changes Outlook on Ba2 Rating to Negative


N E T H E R L A N D S

CONSTELLIUM NV: Moody's Assigns (P)B2 Rating to Sr. Secured Notes


N O R W A Y

NORWEGIAN BANKS: Moody's Takes Rating Actions on 7 Institutions

R U S S I A

NATSCORPBANK JSC: Placed Under Provisional Administration


S P A I N

AUTOVIA DE LA MANCHA: Moody's Hikes EUR110MM Loan Rating to Ba3
AUTOVIA DE LOS VINEDOS: Moody's Lifts Ratings on EIB Loan to 'B3'
PYME BANCAJA 5: Fitch Affirms 'Csf' Rating on Class D Debt
SPAIN AUTO 2016-1: DBRS Finalizes BB(low) Rating on D Notes
* Fitch Affirms 5 Spanish RMBS Transactions


S W E D E N

* Moody's Says Sweden Most at Risk of Asset Bubble


U K R A I N E

TAVRYKA BANK: Deposit Fund Extends Liquidation Until March 2017


U N I T E D   K I N G D O M

AMEC FOSTER: Moody's Changes Outlook on Ba1 Rating to Negative
BHS GROUP: Optimistic on CVA Vote, Needs GBP100MM in Funding
BOLTON WANDERERS: Taxes Settled, Winding-Up Petition Dismissed
CELESTE MORTGAGE: DBRS Confirms B(sf) Rating on Class F Notes
FLY SALONE: Halts Operations, Enters Liquidation



                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Delyan Peevski to Withdraw Acquisition Plan
------------------------------------------------------
Novinite.com reports that controversial MP and media mogul
Delyan Peevski said in a statement released to the media on
March 21 that he will give up doing any future business in
Bulgaria.

In the statement, Mr. Peevski also noted that he will withdraw
from acquiring the assets of the bankrupt fertlizer plant Chimco
in the town of Vratsa, Novinite.com relates.

According to Novinite.com, the reasons for this were the
unfounded political pressure and the continuing media campaign
against him, which has sharpened in the past weeks.

In his words, this was having an exceptionally negative effect on
companies in which he is participating as well as on firms with
which he had nothing to do, Novinite.com discloses.

Mr. Peevski said it was unacceptable for a member state of the EU
to allow for businesses be destroyed through pressure and
negative campaigns, Novinite.com relays.  He said it was also
unacceptable to discredit the good image of Bulgarian firms and
to hinder their activities, Novinite.com notes.

He will not participate in any future business in Bulgaria in
order to protect potential business partners being labeled as
"linked to Peevski", Novinite.com says.

Mr. Peevski expressed hope that his decision will allow for
serious investors to acquire the assets of Chimco and to realise
an investment program for the revival of the factory and the EU's
poorest region, Novinite.com relates.

                          About Chimco AD

Chimco is located in Vratsa, in the northwest of Bulgaria.  It
used to be Bulgaria's biggest area producer with an output
capacity of 800,000 tonnes annually, accounting for approximately
3.5% of global production.  The plant also produced ammonia,
carbon dioxide, argon and various types of catalysts.  The
company halted operations in 2003 and was declared bankrupt in
2004.



===========
F R A N C E
===========


PSA PEUGEOT: DBRS Confirms 'BB' Issuer Rating
---------------------------------------------
DBRS Limited on March 21, 2016 confirmed the Issuer Rating of PSA
Peugeot Citroen (PSA or the Company) at BB. Concurrently,
pursuant to DBRS's "Rating Methodology for Leveraged Finance,"
PSA's Senior Unsecured Debt rating is confirmed at BB, given the
associated recovery rating of RR4 (which remains unchanged). The
trend has been changed to Positive from Stable, recognizing the
Company's considerably improved earnings and cash flow
generation. DBRS notes that the improved financial performance,
amid other measures (including the EUR 918 million in dividends
from Banque PSA Finance to the industrial operations and the EUR
3 billion capital increase implemented in 2014), has raised PSA's
financial profile to levels above the currently assigned ratings.
Moreover, the Company's sales diversification by geography has
improved in line with its growing presence in China (which
represented 25% of its worldwide unit sales last year), although
PSA remains somewhat overdependent on Europe (which still
accounted for more than 60% of aggregate sales in 2015).

PSA's stronger automotive performance in 2015 reflects improved
market demand, notably in its core European market where industry
volumes increased by 9% year over year (YOY), in addition to
positive foreign exchange developments and input cost reductions.
However, these tailwinds notwithstanding, the Company's operating
results were most positively affected by achieved reductions in
production and procurement costs, bolstered by firmer pricing and
product mix. Significantly, PSA's break-even point (as published
by the Company) has markedly fallen to 1.6 million units as of
2015 from 2.6 million units in 2013 (as the Company readily
outperformed its previously published break-even target of 2.0
million units). DBRS notes that the operating margin of 5%
generated by the automotive segment in 2015 is quite sound for a
mass-market original equipment manufacturer. Earnings of
majority-owned Faurecia (automotive equipment) were also
considerably stronger, given significant progresses in North
America amid ongoing sound performance in Europe.

Going forward, while conditions across regional markets vary
(particularly with Latin America and Russia likely to remain
challenging), the near-term automotive outlook in aggregate
remains moderately positive as industry volumes in PSA's core
European market and China are likely subject to further increases
(with economic headwinds in the latter likely to be largely
offset by vehicle purchase tax reductions in effect through
YE2016). DBRS acknowledges that the Company faces challenges that
include flat market share performance in Europe and foreign
exchange volatility, among others. Moreover, increasing emissions
regulation and a potential migration away from vehicles equipped
with diesel engines represent additional headwinds, (although PSA
is well positioned to continue the development of gasoline and
alternative powertrains should this trend become considerably
more pronounced). These notwithstanding, the Company's
considerably improved cost structure should enable the automotive
operations to remain materially profitable over the near term,
although the automotive margin of 5% generated in 2015 is likely
to somewhat moderate.

In addition to stronger earnings in the industrial operations,
the competitive position of Banque PSA Finance has benefited
significantly from the partnership with Banco Santander's
consumer finance division as the 2015 performance of the segment
improved significantly YOY, given higher revenues amid lower
provisions for credit losses.

Reflecting such performance improvements and capital injections,
PSA's balance sheet and liquidity position are sound with
industrial cash balances totalling EUR 10.5 billion as of
December 31, 2015, supplemented by full availability of its
syndicated EUR 3.0 billion credit facility. Moreover, the
industrial operations as of YE2015 had a net cash position of EUR
3.5 billion (as calculated by DBRS), a substantial improvement
from the net debt position of EUR 4.8 billion two years prior.

In line with the Positive trend and recognizing that margins may
soften somewhat with respect to the stronger-than-expected
performance in 2015, DBRS would consider upgrading the ratings in
the event that the Company's performance momentum persists and
automotive margins remain at or above approximately 4% (with
PSA's financial profile continuing to benefit as a result).



=============
G E R M A N Y
=============


DEUTSCHE BANK: Moody's Reviews Ba1 Bond Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of Deutsche Bank AG and affiliates,
including the bank's long-term deposit rating of A2, its senior
unsecured debt rating of Baa1, its standalone baseline credit
assessment ("BCA") of baa3, its counterparty risk assessment of
A2(cr), as well as its short term ratings and short term
counterparty risk assessment of Prime-1 and Prime-1(cr),
respectively.

Also placed on review for downgrade were the long-term ratings of
US- based Deutsche Bank Trust Corporation and its trust company
affiliates, considering the close linkages of the franchise value
of these operations to those of the parent Deutsche Bank.
Principal ratings affected include the long-term deposit ratings
of A1, issuer ratings of Baa1, the standalone baseline credit
assessments of a3, and the counterparty risk assessments of
A2(cr) and Prime-1(cr).  The Prime-1 short-term deposit ratings
of the trust companies were affirmed.

For Deutsche Bank's subsidiary Deutsche Postbank AG, Moody's
placed the entity's main ratings on review for downgrade, with
the exception of the bank's ba1 BCA which was unaffected by
today's rating action.  The Postbank ratings placed on review for
downgrade include the bank's A2 long-term deposits ratings, its
(P)Baa1 senior unsecured programme rating, the bank's Prime-1
short-term debt and deposits ratings and the A2(cr)/P-1(cr)
counterparty risk assessment.  Each of these ratings benefit from
one notch of affiliate support, based on the BCA of Deutsche
Bank.

                         RATINGS RATIONALE

The review for downgrade is prompted by the rising execution
hurdles facing Deutsche Bank in its efforts to strengthen and
stabilize profitability over the next three years.  The firm
recently indicated weak performance within its capital markets
operations in the first two months of 2016 (typically the
strongest quarter in the year for this business), and this
follows on a weak fourth quarter 2015 performance.  "Deutsche
Bank's diminished performance in the most recent two periods is a
function of both environmental and firm-specific factors" said
Peter Nerby, a Moody's Senior Vice-President.

Since changing leadership last June and recalibrating its
strategic plan last November, the operating environment has
worsened for Deutsche Bank.  This is increasing the already high
level of execution challenges the group faces in addressing its
structural cost issues and achieving its new strategic plan.
Moody's forecasts that revenue and expense headwinds may delay an
improvement in profitability and achievement of Deutsche Bank's
interim cost-to-income targets (principally a cost-to-income
ratio of approximately 70%) for 2018.  The scale of the firm's
reengineering task, the potential for further weak revenue, and
the risk of incremental litigation charges also create
uncertainty, further increasing the execution challenge.

Despite the near-term earnings challenges, the firm's overall
solvency and liquidity profiles support its creditworthiness and
provide the firm time and flexibility to adjust the plan as
conditions warrant.  Deutsche Bank's solvency is supported by a
solid overall capital and litigation reserve position, as well as
its asset risk profile.  Deutsche Bank also maintains a strong
liquidity profile.  As such, Moody's expects that should there be
a downgrade of Deutsche Bank's Baa1 senior debt and A2 deposit
ratings, it would be limited to one notch.

Furthermore, the ultimate objectives of the new strategic plan
are credit positive.  The business mix of the bank will be tilted
away from more volatile and capital-intensive capital markets
activities, with a greater emphasis on more stable, annuity
franchises, including transaction banking and asset and wealth
management.  As a result, Deutsche Bank is committed to having a
simpler and more stable business mix, operating with lower
leverage and targeting a more conservative return-on-equity.
However it is not clear whether the revenue attrition from
shrinking the balance sheet and streamlining the client base can
be quickly offset by growth in new areas.

The review will focus on the details of the execution plan for
2016 and 2017, in particular, and the extent to which it will
have to be adapted given challenges in the operating environment.
The review also will focus on details and timing of the plan to
renew the technological platform of the bank, a key enabler of
future revenues and cost efficiencies.

Moody's will also review Deutsche Bank's Additional Tier 1
securities (Ba3) to evaluate whether its execution challenges
increase the risk of a coupon deferral on them.  This could
warrant additional, wider notching for these securities and
result in up to a two notch downgrade for these securities.

List of Affected Ratings:

On Review for Downgrade:

Issuer: Deutsche Bank AG
  Adjusted Baseline Credit Assessment, Placed on Review for
   Downgrade, currently baa3
  Baseline Credit Assessment, Placed on Review for Downgrade,
   currently baa3
  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A2
  Short Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently P-1
  Issuer Rating, Placed on Review for Downgrade, currently Baa1
  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Baa1
  Subordinate Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Ba1
  Preferred Stock Non-cumulative, Placed on Review for Downgrade,
   currently Ba3(hyb)
  Commercial Paper, Placed on Review for Downgrade, currently P-1
  Senior Unsecured Shelf, Placed on Review for Downgrade,
   currently (P)Baa1
  Subordinate Shelf, Placed on Review for Downgrade, currently
   (P)Ba1
  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Baa1
  Subordinate Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Ba1
  Short Term Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)P-1

Issuer: Deutsche Bank AG, London Branch

  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Baa1
  Subordinate Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Ba1
  Senior Unsecured Shelf, Placed on Review for Downgrade,
   currently (P)Baa1
  Subordinate Shelf, Placed on Review for Downgrade, currently
   (P)Ba1
  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Baa1
  Subordinate Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Ba1
  Short Term Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)P-1

Issuer: Deutsche Bank AG, New York Branch

  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A2
  Short Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently P-1
  Senior Unsecured Deposit Note/Takedown, Placed on Review for
   Downgrade, currently A2

Issuer: Deutsche Bank AG, Paris Branch

  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A2
  Short Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently P-1

Issuer: Deutsche Bank AG, Singapore Branch

  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Senior Unsecured Deposit Note/Takedown, Placed on Review for
   Downgrade, currently A2
  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Baa1
  Short Term Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)P-1

Issuer: Deutsche Bank AG, Sydney Branch

  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Baa1
  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Baa1
  Subordinate Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Ba1
  Short Term Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)P-1

Issuer: Deutsche Bank Capital Finance Trust I

  Junior Subordinated Regular Bond/Debenture, Placed on Review
for
   Downgrade, currently Ba2(hyb)

Issuer: Deutsche Bank Contingent Capital Trust II

  Backed Preferred Stock, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Bank Contingent Capital Trust III

  Backed Preferred Stock, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Bank Contingent Capital Trust V

  Backed Preferred Stock, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Bank Financial LLC

  Backed Commercial Paper, Placed on Review for Downgrade,
   currently P-1
  Backed Senior Unsecured Medium-Term Note Program, Placed on
   Review for Downgrade, currently (P)Baa1
  Backed Subordinate Medium-Term Note Program, Placed on Review
   for Downgrade, currently (P)Ba1

Issuer: Deutsche Bank National Trust Company

  Adjusted Baseline Credit Assessment, Placed on Review for
   Downgrade, currently a3
  Baseline Credit Assessment, Placed on Review for Downgrade,
   currently a3
  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A1
  Issuer Rating, Placed on Review for Downgrade, currently Baa1

Issuer: Deutsche Bank Trust Company Americas

  Adjusted Baseline Credit Assessment, Placed on Review for
   Downgrade, currently a3
  Baseline Credit Assessment, Placed on Review for Downgrade,
   currently a3
  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A1
  Issuer Rating, Placed on Review for Downgrade, currently Baa1

Issuer: Deutsche Bank Trust Company Delaware

  Adjusted Baseline Credit Assessment, Placed on Review for
   Downgrade, currently a3
  Baseline Credit Assessment, Placed on Review for Downgrade,
   currently a3
  Long Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A1
  Issuer Rating, Placed on Review for Downgrade, currently Baa1

Issuer: Deutsche Bank Trust Corporation

  Issuer Rating, Placed on Review for Downgrade, currently Baa1

Issuer: Deutsche Finance (Netherlands) B.V.

  Backed Senior Unsecured Regular Bond/Debenture, Placed on
Review
   for Downgrade, currently Baa1

Issuer: Deutsche Postbank AG

  Adjusted Baseline Credit Assessment, Placed on Review for
   Downgrade, currently baa3
  Long-Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently A2(cr)
  Short-Term Counterparty Risk Assessment, Placed on Review for
   Downgrade, currently P-1(cr)
  Long Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently A2
  Short-Term Bank Deposit Rating, Placed on Review for Downgrade,
   currently P-1
  Subordinate Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Ba1
  Deposit Note/CD Program, Placed on Review for Downgrade,
   currently P-1
  Commercial Paper, Placed on Review for Downgrade, currently P-1
  Senior Unsecured Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Baa1
  Subordinated Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)Ba1
  Short Term Medium-Term Note Program, Placed on Review for
   Downgrade, currently (P)P-1

Issuer: Deutsche Postbank Funding Trust I

  Preferred Stock Non-Cumulative, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Postbank Funding Trust II

  Preferred Stock Non-Cumulative, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Postbank Funding Trust III

  Preferred Stock Non-Cumulative, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: Deutsche Postbank Funding Trust IV

  Preferred Stock Non-Cumulative, Placed on Review for Downgrade,
   currently Ba3(hyb)

Issuer: ProSecure Funding Limited Partnership

  Backed Junior Subordinated Regular Bond/Debenture, Placed on
   Review for Downgrade, currently Ba2(hyb)

Affirmations:

Issuer: Deutsche Bank National Trust Company

  Short Term Bank Deposit Rating, Affirmed P-1

Issuer: Deutsche Bank Trust Company Americas

  Short Term Bank Deposit Rating, Affirmed P-1

Issuer: Deutsche Bank Trust Company Delaware

  Short Term Bank Deposit Rating, Affirmed P-1

Not Affected:

Issuer: Deutsche Postbank AG

  Baseline Credit Assessment, currently ba1

Outlook Actions:

Issuer: Deutsche Bank AG
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank AG, London Branch
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank AG, New York Branch
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank AG, Paris Branch
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank AG, Singapore Branch
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank AG, Sydney Branch
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank Capital Finance Trust I
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Bank Contingent Capital Trust II
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Bank Contingent Capital Trust III
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Bank Contingent Capital Trust V
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Bank Finance LLC
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Bank National Trust Company
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank Trust Company Americas
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank Trust Company Delaware
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Bank Trust Corporation
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Finance (Netherlands) B.V.
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Postbank AG
  Outlook, Changed To Rating Under Review From Negative

Issuer: Deutsche Postbank Funding Trust I
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Postbank Funding Trust II
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Postbank Funding Trust III
  Outlook, Changed To Rating Under Review From NOO

Issuer: Deutsche Postbank Funding Trust IV
  Outlook, Changed To Rating Under Review From NOO

Issuer: ProSecure Funding Limited Partnership
  Outlook, Changed To Rating Under Review From NOO

The principal methodology used in these ratings was Banks
published in January 2016.


INEOS STYROLUTION: Moody's Assigns B1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and a B1-PD probability of default rating (PDR) to
INEOS Styrolution Holding GmbH (Styrolution, or the company) and
withdrawn the B2 CFR and B2-PD PDR on INEOS Styrolution Group
GmbH.  Concurrently, Moody's has upgraded the rating on the
EUR1.05 billion equivalent term loan B due in 2019 to B1 from B2.
The outlook on all ratings is stable.

                         RATINGS RATIONALE

The upgrade by one notch of the CFR and the term loan B ratings
to B1 from B2 follows the company's strong operating performance
in 2015 -- with EBITDA margin and free-cash flow generation above
Moody's expectations.  The favorable results were mainly driven
by EBITDA growth and margin expansion in the styrene monomer and
polystyrene products on the back of a tightened supply caused by
planned and unplanned outages in Europe, US, and Asia as well as
reduced raw material prices.

Consequently, for FY2015 Moody's adjusted EBITDA margin improved
to 14.6% from 6.5% in FY2014 and debt to EBITDA declined to 2.2x
from 4.7x in FY2014, while free cash flow (FCF) to debt reached
25.7% compared with 15.2% in FY2014 (ratios adjusted with Moody's
standard adjustments).  These credit metrics met our upgrade
triggers and appropriately position the company in the B1 rating
category.

The rating action also incorporates Moody's view that 2016
operating performance will remain strong, with an EBITDA margin
of at least 10%, although below 2015's level, held up by a lack
of new industry capacity and continued strong margins in US
polystyrene in H1 2016 from planned outages.  The rating agency
also expects stable group volumes supported mainly by the
Speciality segment on the back of an expected positive growth in
the automotive sector in Europe.  Moody's believes that the
company will improve its cost base due to the integration with
INEOS AG (unrated).  To a lesser extent the company should be
impacted by any potential decrease in ABS margin resulting from
weakness in the Chinese domestic market.

Styrolution's B1 CFR reflects the: (1) company's exceptionally
strong operating performance in FY2015 expected to remain robust
in the next 12 months and further support positive cash flow
generation; (2) substantial decrease in Moody's adjusted leverage
to 2.2x at FY2015 year end from 4.7x in FY2014; (3) leading
global market share position in the styrenics market based on
capacity, combined with a global operational footprint; (4) cost
leadership position with an improved cost position due to cost
reductions associated with their restructuring program; (5)
diversified end-market exposure across packaging, household,
automotive, construction and electronics applications; and (6)
certainty of supply of key raw materials, in large part as a
result of supply agreements with its shareholder.

The rating is tempered by: (1) INEOS Styrolution's exposure to
economic cycles and feedstock price volatility.  In particular it
is largely exposed to cyclical industries such as packaging or
the automotive industry; (2) limited debt repayment schedule and
shareholder friendly policy with possible further cash leakage to
the parent; (3) lack of product diversification; and (4)
heightened substitution threat for its polystyrene and ABS
products.

                         RATING OUTLOOK

The stable outlook reflects Moody's view that INEOS Styrolution
will continue to operate at satisfactory margin levels and will
continue to generate positive free cash flow.  It also assumes
that the company does not increase its debt level and maintains
adequate liquidity.

WHAT COULD CHANGE THE RATING -- UP/DOWN

The ratings could be upgraded if (1) Moody's adjusted EBITDA
margin rises sustainably above 10%; (2) it generates a sustained
positive FCF/debt ratio in the mid-teens; and (3) it reduces its
Moody's adjusted Debt/EBITDA to less than 2.0x on a sustained
basis and substantially reduces debt.  Conversely, ratings could
be downgraded if performance deteriorates such that (1) the
company's Moody's-adjusted EBITDA margin falls sustainably below
7%; (2) the conditions for the stable outlook are not met; if (3)
its Moody's adjusted Debt/EBITDA rises above 3.5x on a
sustainable basis, (4) or if it pays out substantial dividends to
its shareholder.

                      PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

INEOS Styrolution Holding GmbH, based in Frankfurt, Germany, is a
leading global styrenics supplier (based on revenues), especially
in Europe and North America.  INEOS Styrolution is focused on the
production and sale of polystyrene, acrylonitrile butadiene
styrene (ABS), styrene monomer, and other styrenic specialities.
The group is a wholly owned subsidiary of INEOS AG (unrated).
For financial year-end December 2015, INEOS Styrolution's
revenues and Moody's-adjusted EBITDA were EUR5.0 billion and
EUR726 million, respectively.



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ELEX ALPHA: Moody's Affirms B1(sf) Rating on Class E Notes
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by eleX Alpha S.A.:

-- EUR15 million Class C Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Aaa (sf); previously on Sep 10,
    2015 Upgraded to Aa1 (sf)

-- EUR16.5 million Class D Senior Secured Deferrable Floating
    Rate Notes due 2023, Upgraded to A2 (sf); previously on Sep
    10, 2015 Upgraded to Baa1 (sf)

Moody's also affirmed the following notes issued by eleX Alpha
S.A.:

-- EUR60 million (Current balance outstanding approx. EUR
    17,520,661.84) Class A-1 Senior Secured Revolving Floating
    Rate Notes due 2023, Affirmed Aaa (sf); previously on Sep 10,
    2015 Affirmed Aaa (sf)

-- EUR133.5 million (Current balance outstanding approx. EUR
    4,156,507.79) Class A-2 Senior Secured Delayed Draw Floating
    Rate Notes due 2023, Affirmed Aaa (sf); previously on Sep 10,
    2015 Affirmed Aaa (sf)

-- EUR28.5 million Class B Senior Secured Floating Rate Notes
    due 2023, Affirmed Aaa (sf); previously on Sep 10, 2015
    Affirmed Aaa (sf)

-- EUR16.5 million Class E Senior Secured Deferrable Floating
    Rate Notes due 2023, Affirmed B1 (sf); previously on Sep 10,
    2015 Affirmed B1 (sf)

eleX Alpha S.A., issued in December 2006, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Deutsche Asset & Wealth Management International GmbH. The
transaction's reinvestment period ended in March 2013.

RATINGS RATIONALE

The rating upgrades of the notes are primarily a result of the
deleveraging of senior notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of the remaining
classes of notes. Moody's notes that the class A notes partially
redeemed by approximately EUR22 million at the September 2015
payment date. As a result of the deleveraging the OC ratios of
the notes have increased significantly. According to the January
2016 trustee report, the classes A/B, C, D and E OC ratios are
209.60%, 161.36%, 128.76% and 107.12% respectively compared to
levels just prior to the payment date in September 2015 of
177.01%, 146.55%, 123.23% and 106.31% respectively. The OC ratios
will improve further following the March 2016 payment date given
the principal account balance of approximately EUR 17.20 million.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
cash and performing par balance of EUR92.0 million and GBP 13.0
million, a weighted average default probability of 25.84%
(consistent with a WARF of 3376 and a weighted average life of
4.91 years), a weighted average recovery rate upon default of
47.66% for a Aaa liability target rating and a diversity score of
21.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.



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LABEYRIE FINE: Fitch Affirms 'B+' Rating on EUR355MM Sec. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Labeyrie Fine Foods SAS's (LFF) 5.625%
EUR355 million senior secured notes at 'B+'/'RR3' on completion
of a EUR80 million tap issue on top of the existing amount of
EUR275m. Labeyrie Fine Foods SAS has a Long-term Issuer Default
Rating (IDR) of 'B' with a Stable Outlook.

"The affirmation of the senior secured notes rating follows the
closing of Pere Olive's and King Cuisine's acquisition on
March 1, 2016 and receipt of documents materially conforming to
information previously received. The rating is the same as the
expected rating assigned to the upsized senior secured notes on
February 3, 2016, when we last affirmed the IDR."

KEY RATING DRIVERS

M&A, Rating Headroom

"The acquisitions of Aqualande's downstream activities, Pere
Olive and King Cuisine improve the group's business risk profile.
However, post the transaction and the impact of the avian flu,
Fitch expects LFF's (funds from operations) FFO adjusted gross
leverage to peak at 6.0x for the financial year ending June 2016
(FY15: 5.1x) and to remain elevated at 5.8x in FY17
(acquisitions' contribution taken into account from their
integration date). Such levels are outside of Fitch's leverage
guideline for LFF's 'B' rating. Therefore the group retains only
limited financial flexibility for further bolt-on acquisitions,
and Fitch assumes that any further large acquisitions would be at
least partly equity-funded. Based on these assumptions, we expect
LFF's FFO adjusted gross leverage to decrease below 5.5x in FY18,
within Fitch's leverage guidance for a 'B' IDR."

No Rating Impact from Avian Flu

"Fitch expects the impact of avian flu in France on LFF to be
temporary, and therefore manageable for current ratings. Foie
gras and other duck products represented only EUR117m (13.4% of
group sales) in FY15. We understand from health authorities that
the disease does not impact the health of the ducks, and that it
is not transmissible from ducks to human beings. Therefore we
believe that the adverse effect on the company's revenues will be
broadly limited to a contraction of available volumes y
proportionate to the duck slaughtering stoppage of approximately
four months imposed by the French government during 2016."

"However, the impact on profits could be moderately greater and
we have conservatively assumed a EUR10m EBITDA hit spread between
FY16 and FY17. Fitch estimates the impact from this incident on
FFO gross leverage of up to 0.5x in FY17."

Successful Acquisition Track Record

The rating and Stable Outlook also reflect LFF's demonstrated
ability at integrating acquisitions, as with Blini and Farne.
Fitch sees little execution risk in the integration of groupe
Aqualande SA's downstream activities (transaction to be completed
by end-April 2016), King Cuisine and Pere Olive. The three
companies are positioned in fast-growing markets and enjoy profit
margins that are higher than the existing LFF group. Fitch does
not expect any significant negative impact from a failure to
integrate the lower-margin Sales Sucres (acquired in July 2015)
due to its small size.

Scale and Diversification

"Fitch views positively management's acquisition strategy as it
helps diversify the group's operations by product range, raw
materials and geography, and reduces sales seasonality. In
particular, we expect the local footprint acquired in Belgium
(Pere Olive) and the Netherlands (King Cuisine) to support
organic growth and help reduce reliance on France and the UK."

Furthermore, Pere Olive and King Cuisine enlarge the group's less
seasonal segment "Everyday Delicatessen". Aqualande should help
diminish the sales and EBITDA seasonality of the Premium
Delicatessen business unit while improving product diversity
(smoked trout as opposed to mainly smoked salmon and foie gras)
and price points as well as organic growth prospects.

Sustained Profitability

"Fitch expects LFF's EBITDA margin to be sustainable at 8.2% in
the medium term (FY15: 8.6%). Continuously high raw material
prices for Norwegian salmon and prawns, combined with unfavorable
FX variations and strong buying power from highly concentrated
food retailers should continue to exert pressure on gross margin.
Furthermore we expect the group to maintain significant marketing
investments to support volumes and the expansion of new product
ranges."

However, these negative factors are likely to be counterbalanced
by the group's enlarged scale, further industrial efficiencies
(including synergies from acquisitions), and product mix
improvements supported by its strong brand image and demonstrated
innovation capacity.

Seasonality and Leverage

"We adjust LFF's debt -- and therefore FFO gross leverage -- at
financial year-end to take into account the company's factoring
utilization during the year. We view the factoring line as a
super-senior claim due to its strategic interest to the group and
its use to fund recurring operations. At FYE15 an adjustment of
EUR28m increased LFF's FFO gross leverage by 0.4x to 5.1x. Due to
the seasonality of sales, Fitch still expects debt (including
outstanding factoring line) to be higher at the peak of the
season than at financial year end."

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for LFF include:

-- Around 16% increase in sales in FY16 (acquisitions'
    contribution from date of integration).
-- EBITDA margin to drop to 8.2% in FY17, broadly stable
    thereafter.
-- Working capital changes in line with sales development.
-- Annual capex at 3.3% of sales.
-- No dividends.
-- Average annual FCF margin at 1% of sales over FY16-FY18
   (FY15: -1.7%).
-- EUR117million acquisition spending in FY16, minimal bolt-on
    spending thereafter.

RATING SENSITIVITIES

Positive: future developments that could lead to positive rating
action include:

-- A strengthened business profile as reflected in meaningfully
    lower product seasonality and higher geographic, product and
    customer base diversification.
-- EBITDA margin trending towards 10% together with higher cash
    flow generation.
-- FFO adjusted gross leverage consistently below 4.0x at
    financial year end and below 5.0x at end-1H of financial year
    (December, including outstanding factoring line).

Negative: future developments that could lead to negative rating
action include:

-- EBITDA margin below 7.5% on a sustained basis.
-- Neutral to negative FCF margin for two consecutive years.
-- FFO adjusted gross leverage above 5.5x at financial year end
    and 6.5x at end-1H of financial year (December, including
    outstanding factoring line).

LIQUIDITY

Following completion of the acquisitions planned for FY16 Fitch
expects LFF's liquidity to remain adequate, supported by positive
FCF generation, a EUR45 million revolving credit facility
maturing in 2020 and a EUR80 million factoring facility maturing
in 2017. Furthermore, as the bulk of its debt has a bullet
maturity, LFF faces only minor scheduled debt repayments until
2020.



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CLOVERIE PLC 2007-52: Fitch Affirms 'BB+' Rating on Notes
---------------------------------------------------------
Fitch Ratings has affirmed four U.S. credit linked notes. The
Rating Outlook for two of the notes has been revised to Positive
from Stable, and two of the notes have been removed from Rating
Watch Negative and assigned Negative Outlooks.

KEY RATING DRIVERS

The actions are the result of recent Fitch actions taken on the
corporate entities, Empresa Nacional de Electricidad S.A.
(Endesa-Chile) and Vale, S.A., which each act as the reference
entity in two of the four transactions. Fitch affirmed Endesa-
Chile at 'BBB+' and revised its Outlook to Positive from Stable.
Fitch affirmed Vale, S.A. at 'BBB', removed it from Negative
Watch, and assigned a Negative Outlook.

The rating action on Cloverie PLC 2007-52 credit-linked notes
reflects the 'BBB' Issuer Default Rating (IDR) of Vale S.A. as
the reference entity and Citigroup Inc. ('A'/Outlook Stable), as
the swap counterparty and issuer of the qualified investment. The
Rating Outlook reflects the Outlook on the main risk driver, Vale
S.A., which is the lowest-rated risk presenting entity.

The rating action on Cloverie PLC 2007-53 credit-linked notes
reflects the 'BBB+' IDR of Endesa-Chile as the reference entity
and Citigroup Inc. ('A'/Outlook Stable), as the swap counterparty
and issuer of the qualified investment. The Rating Outlook
reflects the Outlook on the main risk driver, Endesa-Chile, which
is the lowest-rated risk presenting entity.

The rating action on Latam Walkers Cayman Trust 2006-100 CLP UF-
Adjusted notes reflects IDR of Endesa-Chile as the reference
entity and Merrill Lynch & Co., Inc. ('A'/Outlook Stable), as the
swap counterparty and issuer of the qualified investment. The
Rating Outlook reflects the Outlook on the main risk driver,
Endesa-Chile, which is the lowest-rated risk presenting entity.

The rating action on Signum Verde Limited 2006-02 credit-linked
notes reflects the IDR of Vale S.A. as the reference entity and
Goldman Sachs Group, Inc. ('A'/Outlook Stable), as the swap
counterparty and issuer of the qualified investment. The Rating
Outlook reflects the Outlook on the main risk driver, Vale S.A.,
which is the lowest-rated risk presenting entity.

RATING SENSITIVITIES

All credit linked note (CLN) ratings remain sensitive to ratings
migration of the underlying risk-presenting entities. A downgrade
of the weakest link would likely result in a downgrade to the
CLN. Fitch monitors the performance of the underlying risk-
presenting entities and adjusts the rating accordingly through
application of its current CLN criteria, 'Global Rating Criteria
for Single- and Multi-Name Credit-Linked Notes', dated March 8,
2016.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

Fitch has taken the following rating actions:

Cloverie PLC 2007-52
-- $10,000,000 credit-linked notes affirmed at 'BB+'; removed
    from Watch Negative and assigned a Negative Outlook.

Cloverie PLC 2007-53
-- CLP 7,597,500,000 credit-linked notes affirmed at 'BBB-';
    Outlook to Positive from Stable.

Latam Walkers Cayman Trust 2006-100
-- CLP 5,348,000,000 CLP UF-Adjusted notes affirmed at 'BBB-';
    Outlook to Positive from Stable.

Signum Verde Limited 2006-02
-- CLP 5,300,000,000 credit-linked notes affirmed at 'BB+';
    removed from Watch Negative and assigned a Negative Outlook.


EIRCOM HOLDINGS: Moody's Raises Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating of Irish telecom services provider eircom Holdings
(Ireland) Limited (eir) to B2 from B3, as well as its Probability
of Default Rating (PDR) to B2-PD from B3-PD.

"Our decision to upgrade eir's ratings to B2 reflects the
company's improving credit metrics, with adjusted leverage
expected to remain sustainably below 5.5x, mainly driven by a
strong operating performance and a reduction in the IAS 19
pension deficit," says Ivan Palacios, a Moody's Vice President --
Senior Credit Officer and lead analyst for eir.

Concurrently, Moody's upgraded to B2 from B3 the EUR2.0 billion
(outstanding) guaranteed senior secured credit facility raised by
eircom Finco S.a.r.l. and the EUR350 million guaranteed senior
secured notes due 2020 issued by eircom Finance Limited.  The
outlook on the ratings is positive.

"The positive outlook reflects our view that eir's operating
performance will continue to improve over the next 12-18 months,
mainly driven by growth in eir's fibre broadband customers,
increases in the average revenue per household, improving mobile
performance and sustained cost cutting efforts.  These will allow
eir to generate growing free cash flows, and to reduce debt
further," adds Mr Palacios.

                         RATINGS RATIONALE

The upgrade reflects eir's improved credit metrics and factor in
Moody's expectations that the company's debt/EBITDA (as adjusted)
will be around 5.2x by year ending June 2016.  As a result, the
rating agency now expects that eir's leverage will remain
sustainably within the range commensurate with a B2 rating.

eir's more robust operating performance, with revenue growth
turning positive in 2016 for the first time in six years drove
this company's deleveraging.  A strong macroeconomic environment,
with Ireland's GDP reaching 7.8% in 2015, and a more stable
competitive environment, have led to overall rational market
pricing, which has in turn translated into higher revenues and
EBITDA.

At the same time, eir is benefitting from its investment effort
in both fibre and 4G.  Its enhanced network, coupled with recent
investments in exclusive content through the acquisition of
Setanta Sports Channel Ireland Ltd, should allow the company to
monetise the increasing demand for its products and services, and
strengthen its competitive position in the Irish market.

Despite the expected negative revenue headwinds from the planned
reduction in mobile termination rates in FY2016/17 (which eir
expects to be broadly EBITDA neutral), Moody's expects low single
digit growth in eir's EBITDA, supported by revenue growth and
continued cost cutting measures.  A slightly growing EBITDA,
coupled with a reducing capex-to-sales ratio, and the potential
for lower interest expenses as the non-call period on the 2020
senior secured notes expires in May 2016, will translate into
further growth in free cash flow generation.

The rating action also reflects eir's adequate liquidity profile.
eir's liquidity profile is supported by a cash balance of EUR186
million as of December 2015, the expected positive free cash flow
generation, an extended debt maturity profile, with most of its
debt maturing in 2022, and the adequate headroom under covenants.

                   RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects eir's strong position within the B2
rating category, with the potential for moving to B1 on the basis
of further improvements in performance, as well as operational
and financial measures taken by management.

                WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating would be supported by continued
improved operating performance, with growth in revenues and
EBITDA leading to lower leverage such as adjusted debt/EBITDA
sustainably falling below 5.0x.  Upward rating pressure would
also require the group to generate growing positive free cash
flows and to maintain a sound liquidity profile, with comfortable
headroom under financial covenants.

Downward pressure on the rating could materialize if the group
fails to execute its business plan or if pricing dynamics
deteriorate, leading to weaker-than-expected credit metrics,
including adjusted debt/EBITDA sustainably above 5.5x, and
persistently negative free cash flow generation.  Given the
volatility of eir's IAS 19 pension deficit, the B2 rating with a
positive outlook incorporates the potential for moderate
deviations from these ranges on a temporary basis.

Moody's would also be concerned if eir's liquidity came under
stress as a result of a weaker-than-expected operating
performance or larger than planned cash outflows for capex or
voluntary leavers.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

eircom Holdings (Ireland) Limited is the holding company of the
eir group, the principal provider of fixed-line
telecommunications services in Ireland, with a revenue share of
the fixed-line market of approximately 49% (according to ComReg).
The group is also the third-largest mobile operator in Ireland,
with a subscriber market share of approximately 21% (excluding
mobile broadband and Machine to Machine, according to ComReg).
eir reported revenue of EUR1.3 billion and adjusted EBITDA of
EUR492 million for the last twelve months ended December 2015.


TAURUS 2016-1: DBRS Finalizes BB(sf) Rating on Class E Notes
------------------------------------------------------------
DBRS Ratings Limited on March 21, 2016, finalised its provisional
ratings on the following classes of Commercial Mortgage-Backed
Floating-Rate Notes due November 2026 (collectively, the Notes)
to be issued by Taurus 2016-1 DEU (the Issuer):

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (high) (sf)
-- Class C Notes rated AA (low) (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (sf)
-- Class F Notes rated BB (low) (sf)

All trends are Stable.

Taurus 2016-1 DEU Designated Activity Company is a securitization
of one floating-rate senior commercial real estate loan, which
was advanced by Bank of America Merrill Lynch International
Limited (BAML) to fund the acquisition of 56 retail properties in
Germany by certain Blackstone funds. The sale was completed on 30
September 2015 for a nominal purchase price of EUR502.5 million.
The acquisition funding provided by BAML consists of a EUR333.7
million senior facility (EUR317.0 million securitized balance)
and a EUR37.1 million mezzanine facility, implying a substantial
amount of cash investment in the acquisition of the properties by
Blackstone. The senior loan is 95% hedged with an interest rate
cap that has strike rate of 3.0%. The cap is provided by Bank of
America, N.A.

The portfolio was 92.8% occupied by predominantly leading German
retailers as of the 31 December 2015 rent roll. However, there is
significant exposure to the DIY retail and hypermarket
industries. Seventeen properties within the portfolio are
occupied by DIY retail companies, including Baumarkt (Globus and
Hela), toom BauMarkt and OBI, representing 38.6% of the in-place
rent. The portfolio benefits from a relatively long remaining
lease term of 6.9 years compared to the remaining, fully-extended
loan term of approximately five years.

The senior loan represents moderate leverage financing with a
DBRS-stressed loan-to-value (LTV) of 85%. Additionally, the DBRS
Exit Debt Yield of 9.4% and the DBRS Refi DSCR of 1.24x are
relatively strong.

Contingent tax liabilities related to the property portfolio and
borrowers structure are estimated to total EUR106.1 million in
the tax due diligence report. Of those, the tax due diligence
report assesses EUR37.1 million as having a higher risk of
crystallization. DBRS understands that these potential tax
liabilities would rank junior to the securitized loan if the loan
security was enforced, and based on the sponsor's business plan,
the portfolio will generate substantial excess net rental cash
flow after debt service costs -- particularly in earlier years,
when scheduled amortization is relatively low. Various Blackstone
funds have entered into a fund guarantee to cover tax liabilities
totalling EUR32.9 million.

The DBRS NCF for the portfolio was EUR29.1 million, which
represents a 14.2% discount to the average cash flow projects by
the sponsor over the loan term. DBRS applied a blended
capitalization rate of 7.3% to the aggregate NCF to arrive at a
DBRS stressed value of EUR396.3 million, which represents a 19.9%
discount to the market value provided by the valuations.

The transaction is supported by a EUR17.5 million liquidity
facility, which is provided by Bank of America Merrill Lynch N.A.
The Liquidity Facility can be used by the Issuer to fund expense
shortfalls (including any amounts owing to third-party creditors
and service providers that rank senior to the Notes), property
protection shortfalls and interest shortfalls (including with
respect to Deferred Interest, but excluding default interest) in
connection with interest due on the Class A, Class B and Class C
Notes in accordance with the relevant waterfall. The Liquidity
Facility cannot be used to fund shortfalls due to the Class X
Notes. The commitment amount (as at closing) is equivalent to
approximately 22 months of coverage on the covered notes based on
the DBRS modelled inputs.

The final legal maturity of the Notes is in November 2026, six
years beyond the maturity of the latest maturing loan. If
necessary, this is believed to be sufficient time, given the
security structure and jurisdiction of the underlying loans, to
enforce on the loan collateral and repay bondholders.

Bank of America Merrill Lynch International Limited will retain
an ongoing material economic interest of not less than 5% of the
loan to maintain compliance with Article 405(1) of the European
Union Capital Requirements Regulation and also with Article 51 of
the Commission Delegated Regulation (EU).

The ratings assigned by DBRS to the Notes are based exclusively
on the credit provided by the transaction structure and
underlying trust assets. All classes will be subject to ongoing
surveillance, which could result in upgrades or downgrades by
DBRS after the date of issuance.



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INTELSAT JACKSON: Moody's Assigns B1 Rating to $1.25BB Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Intelsat
Jackson Holdings S.A.'s $1.25 billion senior secured notes and,
as part of the same rating action, downgraded Intelsat S.A.'s
probability of default (PDR) rating to Caa3-PD from Caa2-PD.
Intelsat's Caa2 corporate family rating (CFR) was affirmed as
were the ratings for all outstanding debt instruments in the
corporate family.  Intelsat's speculative liquidity was affirmed
at SGL-3, indicating adequate liquidity, and its rating outlook
was maintained at negative.  Intelsat is the senior-most entity
in the Intelsat group of companies and is the entity at which
Moody's maintains corporate family and probability of default
ratings, and is the only company in the family issuing financial
statements.  Intelsat guarantees debts at its subsidiary,
Intelsat (Luxembourg) S.A. and, as well, at Intelsat
(Luxembourg)'s subsidiary, Intelsat Jackson Holdings S.A.

The PDR downgrade stems from the proceeds from the offering being
used "for general corporate purposes, which may include working
capital purposes and to repay, repurchase, facilitate an exchange
and/or restructure existing debt of [Jackson] and/or Intelsat
Luxembourg", which Moody's interprets as a step towards a more
comprehensive debt restructuring that the agency presumes will
include interim steps in which outstanding debts are refinanced
at less than par, and which it will likely interpret as
comprising limited defaults.  Otherwise, because Moody's
interprets the proceeds as being used for refinance purposes, and
will have little if any impact on what Moody's considers to be an
unsustainable capital structure, Intelsat's CFR and all pre-
existing instrument ratings were affirmed and the outlook was
maintained.

This summarizes Moody's ratings and the rating actions for
Intelsat:

Assignments in the name of Intelsat Jackson Holdings S.A.:

  Senior Secured Guaranteed Bond/Debenture, Assigned B1 (LGD1)
   Affirmations in the name of Intelsat S.A.:

  Corporate Family Rating, Affirmed at Caa2

  Probability of Default Rating, Downgraded to Caa3-PD from
   Caa2-PD

  Speculative Grade Liquidity Rating, Affirmed at SGL-3
   (adequate) Outlook, Maintained at Negative

Affirmations in the name of Intelsat Jackson Holdings S.A.:

  Senior Secured Bank Credit Facility, Affirmed at B1 (LGD1)

  Senior Unsecured Guaranteed Bond/Debenture, Affirmed at Caa2
   (LGD3)

  Senior Unsecured Non-Guaranteed Bond/Debenture, Affirmed at
   Caa3 with the loss given default assessment revised to (LGD4)
   from (LGD5)

Affirmations in the name of Intelsat (Luxembourg) S.A.

  Senior Unsecured Regular Bond/Debenture, Affirmed at Ca with
   the loss given default assessment revised to (LGD5)
   from (LGD6)

                        RATINGS RATIONALE

Intelsat's Caa2 CFR reflects Moody's opinion that the company's
capital structure may not be sustainable, a matter stemming
primarily from ongoing revenue and EBITDA declines which, given
the company's aggressive debt load, are expected to cause
leverage of Debt/EBITDA to reach ~9x by the end of 2016.  In
part, cash flow declines reflect the company's disproportionate
exposure to highly commoditized telecommunications services, some
of which are vulnerable to terrestrial competition.  While other
fixed satellite services companies report heightened competition
given the combination of recent supply additions and challenging
macroeconomic conditions, Intelsat's significantly declining
results are the exception and, in Moody's view, signal a
potential lack of cash flow self-sustainability.  Over the rating
horizon, near term refinance activities are also a negative
consideration.

Intelsat maintains adequate liquidity (SGL-3), with a fully un-
drawn $450 million revolving credit facility that is committed
through July 2017, and the company had a December 31, 2015 cash
position of $172 million.  While Moody's anticipates the company
being cash flow negative by ~$100 million over the next year,
since there are no near term debt maturities and covenant
compliance is adequate, liquidity has been assessed as adequate.
Since Moody's interprets the proceeds of the company's new $1
billion senior secured notes issue as being used for refinance
purposes, they provide no liquidity benefit, other than to
insulate the company from the impact of its revolving credit
facility soon becoming current.

There are no ratings implications as a consequence of Intelsat
choosing to issue additional senior secured indebtedness and, at
the Caa2 CFR and Caa3-PD level, the company has significant
discretion to substitute senior secured for more junior rated
debts without affecting instrument ratings.  The Caa3-rated
6.625% Jackson notes due 2022 continue to be the most vulnerable
of Intelsat's notes, to ratings changes induced by capital
structure revisions.  While their rating would likely be
maintained in the event that Intelsat uses some of its new issue
proceeds to address the 2018 maturity at Luxembourg, any
additional substitution of senior for structurally subordinated
debt would likely result in the 6.625% Jackson notes being
downgraded.

                          Rating Outlook

The negative outlook stems from Moody's opinion that Intelsat's
capital structure is unsustainable, and the potential of
additional adverse ratings activity as the company attempts to
address the matter.  Intelsat recently retained Guggenheim
Securities, LLC to assist with evaluating "various financing and
balance sheet initiatives".

What Could Change the Rating -- UP

  Cash flow self-sustainability over the life cycle of the
  company's satellite fleet, together with:

   -- Positive industry fundamentals
   -- Maintenance of solid liquidity
   -- Clarity on capital structure planning

What Could Change the Rating -- DOWN

  Negative ratings pressure would develop were Moody's to expect
  an imminent default.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

Headquartered in Luxembourg, and with executive offices in
McLean, VA, Intelsat S.A. is one of the two largest fixed
satellite services operators in the world.  Annual revenues are
expected to be approximately $2.2 billion with EBITDA of
approximately $1.65 billion.


INVESTCORP SA: Moody's Changes Outlook on Ba2 Rating to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for Investcorp S.A.'s and Investcorp Capital Limited's
Ba2 backed senior unsecured debt ratings.  Moody's has also
affirmed Investcorp S.A.'s and Investcorp Capital Limited's Ba2
backed senior unsecured debt ratings in addition to Investcorp
Capital Limited's (P)Ba2 backed senior unsecured MTN rating.  All
debts are guaranteed by Investcorp Bank B.S.C.

                        RATINGS RATIONALE

The rating action reflects Moody's concern that Investcorp might
face increasing difficulties in raising new capital or
reinvesting clients' capital in the coming year(s) due to risk
that prolonged low oil prices will result in substantially lower
government spending, declining corporate investment and softening
consumption in the GCC region.  Moody's expects Investcorp's
capital raising to be impacted by the prolonged drop in oil
prices due client concentration in the GCC region.  A slow down
or reversal in asset under management (AUM) growth will put
pressure on the company's key financial metrics, including
profitability and financial leverage.  Moody's also noted that
due to the volatile market environment Investcorp may find it
more challenging to stabilize its hedge fund business which has
suffered from net outflows over the last several years.

The Ba2 rating reflects Investcorp's strong franchise in the GCC
region as a leading alternative investment provider to Gulf
investors as well as to investors in the US and Europe.
Investcorp has a strong reputation and recognizable brand name in
the GCC region due to its thirty-year plus track record.  The
ratings also benefit from the company's good liquidity profile
and from the continued improvement in earning quality driven by
the increasing share of earnings from management fees.  The
ratings are constrained by Investcorp's high, albeit improving,
financial leverage and balance sheet risk related to its co-
investment activities.

               WHAT COULD MOVE THE RATINGS UP/DOWN

Upwards rating pressure on Investcorp may result from: (i)
reduced debt levels; (ii) further reduction in the company's
investment portfolio; (iii) growth of Investcorp's clients' AUM,
particularly in the hedge fund segment; and (iv) further
expansion and diversification of revenue streams, in particular
from fund of hedge fund management fees.

Downwards rating pressure could result from a weaker financial
position driven by: (i) a deterioration in the company's ability
to raise new client capital or reinvest client capital that would
substantially affect revenue generation capacity; (ii) lower
private equity origination and placement activities that would
constrain the company's profitability; (iii) material on-balance
sheet investment losses; (iv) a reversal in the trend of
declining debt and on-balance sheet investment levels and (v) an
erosion in the company's improving capital position.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Asset
Managers: Traditional and Alternative published in December 2015.

Headquartered in Manama, Bahrain, Investcorp Bank B.S. C. is the
principal parent of the Investcorp Group and operates under a
wholesale banking license issued by the Central Bank of Bahrain.
Invescorp's asset under management were $10.7 billion as of
December 2015.



=====================
N E T H E R L A N D S
=====================


CONSTELLIUM NV: Moody's Assigns (P)B2 Rating to Sr. Secured Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 rating to
aluminium product manufacturer Constellium N.V.'s proposed $US400
million Senior Secured Notes due 2021. Concurrently, Moody's has
downgraded the company's rated unsecured notes due 2021, 2023 and
2024 to Caa1 from B3. Moody's has also affirmed Constellium's
corporate family rating (CFR) at B3 and its probability of
default rating (PDR) at B3-PD. The outlook on all the ratings is
negative.

Moody's issues provisional ratings in advance of the completion
of the transaction and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the notes. Moody's will base its
definitive rating on the final capital structure including
evidence of executed legal documents in relation to the proposed
transaction and refinancing. A definitive rating may differ from
a provisional rating.

RATINGS RATIONALE

-- ASSIGNMENT OF (P)B2 RATING TO SECURED NOTES AND DOWNGRADE OF
    UNSECURED NOTES RATINGS TO Caa1

Moody's has provisionally rated Constellium's senior secured
notes at (P)B2, one notch above the corporate family rating,
reflecting the benefit from the security package and their
priority in right of payment against the existing unsecured
notes.

Consequently, and in line with Moody's Loss Given Default (LGD)
methodology, the rating on the existing senior unsecured notes
issued by Constellium N.V. will now be rated Caa1, one notch
below the CFR, reflecting their subordination in the capital
structure and higher repayment risk.

The proposed senior secured notes will be guaranteed by all
material operating companies in the US (excluding Wise Metals
Group LLC (Wise, Caa3 negative)) and material operating
subsidiaries of Constellium N.V. The outstanding unsecured notes
benefits from the Constellium N.V. guarantee on an unsecured
basis.

Constellium keeps the existing notes of its US subsidiary Wise
Metals in place, with no amendments of its main terms. There are
no downstream guarantees from Constellium N.V. to the Wise notes,
which is why Moody's has chosen to maintain the Wise debt out of
Constellium's LGD. Moody's notes that Constellium only guarantees
the Wise ABL facility.

Pro forma of the proposed senior secured notes issuance and based
on FY 2015 EBITDA, Constellium's leverage on a Moody's-adjusted
basis increases to a high level of 10.5x. However, Moody's notes
that the proposed transaction will contribute to solidify
Constellium's cash position and on a net debt basis the company's
pro forma leverage stands at 7.8x. For 2016, Moody's expects that
the company's leverage will reduce to around 8x. The ratings
agency expects that the company will be able to grow its
underlying businesses' EBITDA and stabilise the financial
performance and cash generation at Wise, which would lead to
Constellium's net leverage reducing further to a level close to
6.5x in 2016.

-- AFFIRMATION OF CFR AND PDR

Constellium's business profile is solid, and Moody's assumes an
overall improvement of the debt protection metrics, cash flow
ratios and moderation in the leverage position in 2016.

However, the B3 rating remains constrained by Constellium's (1)
reliance on cyclical end markets such as automotive, aerospace,
industrial manufacturing and construction; (2) its existing high
capital expenditure in Europe for the "body in white" program and
aerospace capacity increase; (3) exposure to metal premium price
volatility if the company cannot hedge, or through the time lag
between price increases and pass through; and (4) low
consolidated EBIT margin of 2.8%.

These negatives are partially offset by the company's strong
market share in high value added products, as well as the
company's positive operating performance since 2013, primarily
driven by stronger aerospace demand, and recovery in the
automotive sector volumes (also driven by a substitution effect
from steel for lighter vehicles). The rating also positively
reflects (1) Constellium's product mix; (2) the visibility for
sales in the medium-term owing to contracts in place for the
majority of its packaging revenues; and (3) the stability of the
can sheet and rigid packaging parts of its business, which
represent approximately 50% of year to date revenues.

LIQUIDITY PROFILE

Constellium's liquidity position is adequate in the short term,
but is weakened by the negative cash generation at Wise and its
high amount of financial debt. This results in high annual cash
interest of approximately EUR150 million, which will further
increase with the additional debt issuance. Moody's notes that
the company will lose the flexibility of a revolver credit
facility (RCF). However, the proceeds of the proposed senior
secured debt will fully compensate for the cancellation of the
EUR145 million RCF and should allow the company to meet its
corporate needs while financing its development capex.

As of 31 December 2015, the company's liquidity was supported by
(1) EUR472 million of cash; (2) Constellium's $US100 million US
Asset Based Lending (ABL) facility; (3) Constellium's EUR350
million factoring facility; and (4) Wise's $US200 million ABL.
Once raised, the $US400 million will add to the cash on balance
sheet.

RATIONALE FOR THE NEGATIVE OUTLOOK

The outlook remains negative as Moody's expects that the rating
will remain weakly positioned in the B3 category this year, with
a highly leveraged capital structure and negative free cash flow.
The main downside risks to the rating are (1) the continued
underperformance of Wise, resulting in additional strain on
Constellium's cash flow; (2) the operational and execution risks
for the "body in white" aluminium sheets development program in
the US; and (3) low deleveraging prospects over the next two
years.

WHAT COULD CHANGE THE RATINGS -- UP/DOWN

Constellium's rating outlook could be changed to stable as a
result of a combination of (1) improved market conditions; (2) a
recovery at Wise, notably in terms of cash flow generation, which
could confirm the potential for Moody's adjusted debt/EBITDA to
trend towards 6.5x on a sustainable basis; and (3) a continuing
adequate liquidity profile.

The indicators for a potential upgrade are: (1) an expectation of
consistently positive operating cash flow as measured by cash
from operation (CFO)/Debt recovering towards 15% throughout the
high capex spend program; (2) an improvement in the company's
EBIT margins at a level above 5%; and (3) Moody's-adjusted
leverage trending under 6.0x.

The ratings would come under downward pressure if (1) CFO/Debt
stood below 5% on a sustainable basis and free cash flow remained
negative once the capex program ended; (2) EBIT to interest
remains below 1.0x; (3) the company fails to recover its
profitability and EBIT margins; (4) Moody's-adjusted leverage
remains sustainably above 8.0x EBITDA; and (5) the company's
liquidity profile deteriorates with cash on hands falling under
the EUR200 million level.



===========
N O R W A Y
===========


NORWEGIAN BANKS: Moody's Takes Rating Actions on 7 Institutions
---------------------------------------------------------------
Moody's Investors Service on March 16, 2016, took rating actions
on seven Norwegian banks.

The rating agency changed the outlook to negative from stable on
the deposit and debt ratings of four regional savings banks,
SpareBank 1 SR-Bank ASA, Sparebanken Vest, Sparebanken Sor and
Sparebanken Sogn og Fjordane, to capture downward pressure on
earnings and increasing asset risks in their corporate and
commercial real estate lending books as a result of a slowdown in
Norway's economic growth driven by a reduction in petroleum
sector investments. At the same time, Moody's affirmed the
deposit and senior debt ratings of these banks, ranging from A1
to A2, to reflect their strong financial profiles, Norway's still
very strong operating environment overall, and Moody's assessment
of the protection offered to creditors by their liability
structures and the likelihood of affiliate and government
support.

Moody's also upgraded the long-term debt ratings of DNB Bank ASA
(DNB) to Aa2 from Aa3, aligning them with the bank's Aa2 deposit
ratings, which were also affirmed, to reflect the increase in
loss absorbing liabilities on the bank's balance sheet over the
last several quarters, which benefits the position of senior
unsecured debt in the loss hierarchy under Moody's loss given
failure (LGF) framework. The rating agency also changed the
outlook on DNB's debt and deposit ratings to negative from
stable, reflecting pressures similar to those outlined above.

Finally, Moody's affirmed the Aa3 senior unsecured debt and
deposit ratings of Nordea Bank Norge ASA and the A1 senior
unsecured debt and deposit ratings of SpareBank 1 SMN, and
maintained stable outlooks on these ratings. While Nordea Bank
Norge's intrinsic strength faces pressures similar to those
outlined above, this is balanced against the support that Moody's
expects the bank would receive in case of need from the Nordea
group. The stable outlook on SpareBank 1 SMN's A1 senior
unsecured debt and deposit ratings reflects their resilience to
some performance deterioration, taking into account the bank's
current stronger than peer performance metrics.

In terms of the change in rating outlooks to negative, the rating
agency expects that the spill-over effects from Norway's economic
slowdown on the corporate sector will impact banks' balance
sheets, particularly in the oil and offshore sector, as well as
the commercial real estate sector, which Moody's considers
particularly susceptible to volatility. Petroleum sector
investments have been the growth engine for Norway's economy, and
Moody's expects real GDP growth at 1.4% for 2016, down from 1.6%
in 2015 and 2.2% in 2014, as stated in Moody's latest credit
opinion on the sovereign.

RATINGS RATIONALE

DNB Bank ASA

The upgrade of DNB's senior unsecured debt ratings to Aa2, from
Aa3, reflects Moody's view that the recently enhanced volume of
senior unsecured debt and underlying subordination, which
benefits the position of senior debt, will be sustainable. This
leads to a very low loss given failure (LGF) for senior debt,
increasing LGF uplift on DNB's senior unsecured debt ratings to
two notches from one. This aligns DNB's senior debt ratings with
its deposit ratings, which have been affirmed and similarly
benefit from a two-notch LGF uplift. Taking into account the
Norwegian government's 34% ownership of the bank, Moody's also
continues to assumes high probability of government support being
forthcoming in the event of need, translating into an additional
two notches of support uplift for DNB's senior debt and deposit
ratings.

The affirmation of DNB's Aa2 deposit rating also takes into
account the bank's a3 baseline credit assessment (BCA), which
reflects Moody's view of strong asset quality and capital,
balanced against high reliance on international capital markets.
Moody's considers that DNB's asset quality benefits from a
diversified loan book and the strength of the bank's retail and
large corporate customers. DNB's problem loan ratio declined to
1.5% at the end of December 2015, compared to 1.9% in 2014. In
line with its domestic and international peers, the bank has
increased its capital buffers: the ratio of tangible common
equity to risk-weighted assets stood at 16.3% at the end of
December 2015, up from 13.8% in 2014. While DNB benefits from a
solid deposit base and access to local and international capital
markets, reliance on market funding remains high (market funds
stood at 37% of tangible banking assets at the end of December
2015), and the average maturity of funding has reduced, which
renders the bank vulnerable to potential shifts in investor
sentiment.

Despite the resilience of the bank's performance, the change in
outlook on DNB's senior unsecured debt and deposit ratings to
negative reflects Moody's expectation that Norway's slowing
growth resulting from low oil prices and reduced oil investments
will, over time, have a negative impact on DNB's performance.
Moody's expects the softening in the operating environment to
negatively impact DNB's earnings. In addition, the bank's
sizeable exposures to offshore, shipping and commercial real
estate (CRE) segments carry higher credit risks and are likely to
weaken. While the bank's oil-related loan portfolio continues to
perform well, exposure to riskier oilfield services and the
offshore sector accounts for a sizeable 5.2% of DNB's Exposure at
Default and Moody's expects these segments to experience an
increase in losses in the short to medium term.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on DNB's debt and deposit rating is unlikely in
the near term given the negative outlook. The outlook could
return to stable if DNB: (1) further reduces its asset
vulnerability, especially in relation to oil-related and offshore
exposures as well as to historically more volatile segments, such
as shipping and CRE; (2) maintains strong and stable earnings
generation without increasing its risk profile; and (3) preserves
sustained access to international capital markets.

Downwards pressure on these ratings could develop if: (1) DNB's
financing conditions were to become less cost effective; (2) its
asset quality were to deteriorate beyond Moody's expectations;
and/or (3) its risk profile increases, for example as a result of
increased exposures to more volatile sectors or increased
involvement in more risky operations such as capital market
activities. In addition, Moody's considers that downward pressure
on the ratings could develop as a result of external factors such
as in the event of substantially adverse developments in the
Norwegian oil, offshore and real-estate markets.

Nordea Bank Norge ASA

The affirmation of Nordea Bank Norge's Aa3 deposit and senior
unsecured debt ratings, with a stable outlook, reflects Moody's
view that any deterioration in performance stemming from the more
challenging operating environment will be offset by intra-group
support from the Nordea group in case of need.

Nordea Bank Norge has a solid business franchise as Norway's
second-largest financial institution with a sizeable retail
portfolio. Moody's expects downward pressure on Nordea Bank
Norge's earnings and asset quality to increase, resulting from
the bank's sizeable exposures to real estate companies (16% of
the loan book at end-2015) and shipping and offshore (9% of the
loan portfolio), the performance of which are likely to
deteriorate because of the low oil prices and reduced oil
investments, and the related deterioration in the bank's domestic
operating environment.

However, in view of the bank's strong integration in the Nordea
Group and the strong history of group support, Moody's expects
that a potential one notch downward BCA movement would not result
in a change in the bank's adjusted BCA of a3, which incorporates
affiliate support. Moody's aligns the adjusted BCA of Nordea Bank
Norge with the a3 Nordea group BCA.

Moody's also applies its Advanced LGF analysis on the
consolidated balance sheet of Nordea Group as the rating agency
considers that a single point of entry resolution approach is
probable across the Nordic countries in which the Nordea group
operates. This translates into a two-notch uplift on senior debt
and deposit ratings. Finally, Moody's assesses the probability of
government support in case of need as moderate, translating into
a one-notch government support uplift. Therefore, taking into
account support considerations, the deposit and senior unsecured
debt ratings of Nordea Bank Norge ASA are aligned to those of
Nordea Bank AB, with a stable rating outlook.

WHAT COULD CHANGE THE RATING UP/DOWN

Although upward pressure on Nordea Bank Norge's ratings is
unlikely in the near term, as Moody's expects that the bank's BCA
will come under downward pressure as a result of the weakening
operating environment, a limited amount of upward rating momentum
could develop if Nordea Bank Norge demonstrates: (1) an improved
funding profile on a stand-alone basis and continued solid access
to capital markets; (2) stronger and more stable earnings
generation without an increase in its risk profile; and/or (3)
reduced asset vulnerability especially in relation to more
volatile segments such as shipping, offshore and commercial real
estate.

Nordea Bank Norge's BCA could come under pressure if: (1) asset
quality were to deteriorate more than Moody's anticipates; and/or
(2) its risk profile increases, for example as a result of
increased exposures to more volatile sectors or increased
involvement in more risky operations such as capital market
activities.

SpareBank 1 SR-Bank ASA

The outlook change to negative from stable on SpareBank 1 SR-
Bank's A1 senior debt and deposit ratings reflects Moody's
expectation that the bank's performance metrics come under
increasing pressure, owing to Norway's slowing growth. SpareBank
1 SR-Bank's business is concentrated on the area around
Stavanger, a logistics centre to Norway's off-shore industry that
faces the challenges from reduced investments and lower oil
prices. Direct exposure to the oil sector accounted for 8.7% of
exposure at default at the end of 2015, and Moody's expects in
particular the offshore sector to be challenged over the next two
years, driven by a reduction in petroleum sector activity. While
the bank's oil-related portfolio performed well during 2015,
exposure to riskier segments, including the offshore sector,
account for 5.1% of SpareBank 1 SR-Bank's Exposure at Default and
Moody's expects further losses to arise from this segment in the
short to medium term. In addition, Moody's considers that the
bank's exposure to the commercial real estate sector (accounting
for 13% of total loans at the end of 2015) in an geographical
area that has witnessed high growth in the recent past will
remain subject to deterioration, as vacancy rates increase
following the ongoing slowdown in the region's economic activity.

However, the affirmation of SpareBank 1 SR-Bank's ratings hinges
on Moody's recognition that to date the bank's strong asset
quality has held up well, combined with supportive capital
metrics. These supportive factors are balanced against high
reliance on wholesale funding. The bank's corporate portfolio has
witnessed only limited deterioration during 2015, with problem
loans increasing to 0.9% of gross loans at end 2015 from 0.6% in
2014. SpareBank 1 SR-Bank improved its core equity tier 1 ratio
to 13.3%, compared to 11.5% in 2014, well above the increased
11.5% regulatory minimum effective from July 2016. While
SpareBank 1 SR-Bank benefits from solid access to domestic and
international capital markets, reliance on wholesale funding
remains high, with market funds at 43% of tangible banking assets
(including assets transferred to covered bond companies), which
renders the bank susceptible to potential shifts in investor
sentiment.

SpareBank 1 SR-Bank's debt and deposit ratings also reflect the
protection that creditors receive from the volume of senior
unsecured debt and subordination. These instruments benefit from
a very low LGF, as analyzed using Moody's LGF framework
(resulting in a two-notch LGF uplift) and the rating agency's
expectation of moderate probability of government support
(resulting in a one notch of uplift on the bank's preliminary
ratings).

Sparebanken Vest

The outlook change to negative from stable on Sparebanken Vest's
A1 senior debt and deposit ratings reflects Moody's expectation
that Norway's slowing growth, resulting from reduced petroleum
sector investments, will negatively impact asset quality. The
rating agency expects that the bank's exposure to the commercial
real estate sector (accounting for 12.3% of gross loans at end-
December 2015), a significant part of which is located in the
county of Rogaland in areas that have witnessed significant
increases in vacancy rates, will see deterioration. In addition,
Moody's considers the potential for growth in risk-weighted
assets as limited, taking into consideration that the bank's
leverage ratio, currently at 6.7%, is below the Norwegian average
of 8.7%, and that its core equity tier 1 ratio will need to grow
to reach a target of 14.5% as suggested by Norway's regulator,
Finanstilsynet.

However, the affirmation of Sparebanken Vest's ratings
nevertheless reflects the bank's strong asset performance to date
and improved capitalization, balanced against its high reliance
on capital market funding. While Sparebanken Vest is located in
Bergen in the western part of Norway, an area that has witnessed
an increase in unemployment rates during 2015, the bank's loan
portfolio has performed strongly, with problem loans at 1.11% of
gross loans at the end of the year. Following a capital increase
during 2015, the bank has already improved its core equity tier 1
ratio to 13.7%, compared to 12.2% in 2014, well above the
increased 11.5% regulatory minimum effective from July 2016.
Although Sparebanken Vest benefits from solid access to local and
international capital markets, reliance on market funding remains
high at 32.4% of tangible banking assets, which renders the bank
susceptible to potential shifts in investor sentiment.

Sparebanken Vest's debt and deposit ratings also benefit from a
very low LGF for these instruments as analyzed resulting in a
two-notch uplift, and the rating agency's expectation of moderate
probability of government support, resulting in one notch of
uplift on the bank's preliminary ratings.

Sparebanken Sor

The outlook change to negative from stable on Sparebanken Sor's
A1 issuer and deposit ratings reflects Moody's expectation that
Sparebanken Sor's asset performance will be negatively impacted
by Norway's slowing growth. Sparebanken Sor's exposure to the
construction and real estate sector (24% of gross loans at end-
December 2015) poses downside risks to future loan performance as
the operating environment weakens further. In addition, Moody's
expects the bank will reduce growth on risk-weighted assets to 1-
2% from 12% in 2015, which puts further pressure on the bank's
business as the bank intends to grow its capital base in order to
meet a 14.5% CET1 ratio by the end of 2016 (as expected by
Norway's FSA).

However, the affirmation of Sparebanken Sor's ratings primarily
reflects the bank's strong asset performance to date, and
improving capital metrics, balanced against reliance on capital
markets. The bank's corporate portfolio performed strongly during
2015 with problem loans at 1.3% of gross loans compared to 1.8%
in 2014. Following a capital increase in 2016, the bank improved
its core equity tier 1 ratio to 13.7% compared to 13.1% in 2014,
which is above the increased 11.5% regulatory minimum effective
from July 2016. While Sparebanken Sor has good access in the
domestic capital markets, Moody's expects the bank to continue
accessing the international markets in order to expand further
its investor base beyond the more limited and concentrated
domestic market due to the bank's increased size following the
Sparebanken Sor-Pluss merger in 2013. Sparebanken Sor's issuer
and deposit ratings benefit from a very low LGF for these
instruments resulting in a two-notch rating uplift, and the
rating agency's expectation of moderate probability of government
support, resulting in a one notch of uplift on the bank's
preliminary ratings.

Sparebanken Sogn og Fjordane

As part of the rating action, Moody's assigned an A2 long-term
issuer rating to Sparebanken Sogn og Fjordane, in line with the
bank's deposit ratings, which were also affirmed. The bank's
issuer and deposit ratings also benefit from a very low LGF for
debt and deposits resulting in a two-notch rating uplifts.

The outlook change to negative from stable on Sparebanken Sogn og
Fjordane's A2 deposit and issuer ratings reflects Moody's
expectation that Norway's slowing growth resulting from reduced
petroleum sector investments will have a negative impact on
Sparebanken Sogn og Fjordane's profitability and asset quality.
The bank's profitability weakened significantly during 2015
driven mainly by losses in the bank's liquidity book, in
combination with renewed margin pressure and higher corporate
loan losses, trends that the rating agency expects to continue in
2016. Moody's also expects Sparebanken Sogn og Fjordane's
exposure to the construction and real estate sector, which
accounted for 13% of total loans at end 2015, to lead to further
losses in the bank's portfolio.

However, the affirmation of Sparebanken Sogn og Fjordane ratings
reflects the bank's strong asset performance to date, and
improving capital metrics, balanced against reliance on the
domestic capital market. The bank's corporate portfolio witnessed
strong performance during 2015 with problem loans at 1.3% of
gross loans at the end of the year from 1.8% in 2014,
notwithstanding significant exposure to the volatile commercial
real estate sector. The bank increased its non-performing loan
coverage ratio to 65.2% from 28.7% in 2016. Furthermore, the bank
improved its capital base in 2015 reporting a core equity tier 1
ratio of 13.7%, well above the increased 11.5% regulatory minimum
effective from July 2016. While Sparebanken Sogn og Fjordane
benefits from a strong deposit base, accounting for nearly 60% of
total funding, the bank is more vulnerable to changes in investor
sentiment due to its full dependency on the concentrated domestic
market.

SpareBank 1 SMN

The affirmation of SpareBank SMN's A1 senior debt and deposit
ratings reflect Moody's view that potential deterioration in
asset quality will be limited, and that currently strong earnings
and capital provide strong cushions. SpareBank SMN's baa1 BCA
reflects the bank's strong asset quality and capital metrics,
balanced against high reliance on market funding. The bank's
corporate portfolio witnessed strong performance during 2015 with
problem loans at 0.6% of gross loans at the end of the year from
0.5% in 2014, notwithstanding exposures to the volatile
commercial real estate sector (accounting for 19% of the on
balance sheet loans) and the oil sector (accounting for 4.8% of
Exposure at Default). Furthermore, the bank improved its capital
base in 2015 reporting a core equity tier 1 ratio of 13.6%,
compared to 11.2% in 2014, well above the increased 11.5%
regulatory minimum effective from July 2016.

The stable outlook on SpareBank 1 SMN's ratings reflects Moody's
expectation that the bank's ratings are currently resilient to
the limited expected deterioration in its performance metrics
(driven by Norway's slowing growth resulting from reduced
petroleum sector investments). SpareBank 1 SMN's debt and deposit
ratings also benefit from a very low LGF for these instruments
resulting in a two-notch rating uplift, and the rating agency's
expectation of moderate probability of government support being
forthcoming in the case of need, resulting in a one notch uplift
on the bank's preliminary ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

SAVINGS BANKS: SPAREBANK 1 SR BANK, SPAREBANKEN VEST, SPAREBANKEN
SOR, SPAREBANKEN SOGN OG FJORDANE, SPAREBANK 1 SMN

Upward rating momentum is currently unlikely given the negative
outlook on four of the five savings banks affected by this rating
action. Over time, upward pressure could develop if these banks
demonstrate: (1) reduced exposure to more volatile sectors such
as the oil and commercial real estate related sectors; (2)
diversified access to capital markets and improved liquidity;
and/or (3) stronger earnings generation without an increase in
risk profiles.

Downward rating pressure would develop on these banks ratings if:
(1) Moody's expects their problem loan ratios to increase above
its current system-wide expectation of approximately 2%; (2)
profitability deteriorates further from expected levels; (3) the
banks fail to sustain their market position; and/or (4) the
macroeconomic environment deteriorates more than currently
anticipated, leading to more challenging operating conditions and
reduced profitability.

LIST OF AFFECTED RATINGS

Issuer: DNB Bank ASA

Upgrades:

-- Senior Unsecured Medium-Term Note Program, upgraded to (P)Aa2
    from (P)Aa3

-- Senior Unsecured Regular Bond/Debenture, upgraded to Aa2
    negative from Aa3 stable

-- Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed Aa1(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Deposit Ratings, affirmed Aa2, outlook changed to
    negative from stable

-- Subordinate Regular Bond/Debenture, affirmed Baa1 (hyb)

-- Subordinate Medium-Term Note Program, affirmed (P)Baa1

-- Pref. Stock Non-cumulative Preferred Stock, affirmed Baa3
    (hyb)

-- Short-term Deposit Ratings, affirmed P-1

-- Commercial Paper, affirmed P-1

-- Other Short Term, affirmed (P)P-1

-- Adjusted Baseline Credit Assessment, affirmed a3

-- Baseline Credit Assessment, affirmed a3

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: DNB Bank ASA, New York Branch

-- Affirmations:

-- Long-term Deposit Rating, Affirmed Aa2, outlook changed to
    negative from stable

-- Short-term Deposit Rating, affirmed P-1

-- Other Short-term, affirmed P-1

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: Den norske Bank ASA

-- Upgrades:

-- Senior Unsecured Medium-Term Note Program, upgraded to (P)Aa2
    from (P)Aa3

-- Affirmations:

-- Subordinate Medium-Term Note Program, affirmed (P)Baa1

-- Other Short Term, affirmed (P)P-1

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: Nordea Bank Norge ASA

-- Affirmations:

-- Adjusted Baseline Credit Assessment, affirmed a3

-- Baseline Credit Assessment, affirmed a3

-- Counterparty Risk Assessment, affirmed Aa2(cr)

-- Counterparty Risk Assessment, affirmed P-1(cr)

-- Short-term Deposit Rating, affirmed P-1

-- Senior Unsecured Regular Bond/Debenture, affirmed Aa3 stable

-- Long-term Deposit Rating, affirmed Aa3 stable

-- Outlook Actions:

-- Outlook, remains stable

Issuer: SpareBank 1 SR-Bank ASA

-- Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Deposit Ratings, affirmed A1, outlook changed to
    negative from stable

-- Junior Subordinate Medium-Term Note Program, affirmed (P)Baa3

-- Subordinate Regular Bond/Debenture, affirmed Baa2/Baa2(hyb)

-- Subordinate Medium-Term Note Program, affirmed (P)Baa2

-- Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook
    changed to negative from stable

-- Senior Unsecured Medium-Term Note Program, affirmed (P)A1

-- Long-term Issuer Rating, affirmed A1, outlook changed to
    negative from stable

-- Short-term Deposit Ratings, affirmed P-1

-- Adjusted Baseline Credit Assessment, affirmed baa1

-- Baseline Credit Assessment, affirmed baa2

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: Sparebanken Vest

-- Affirmations:

-- Adjusted Baseline Credit Assessment, affirmed baa1

-- Baseline Credit Assessment, affirmed baa1

-- Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Short-term Deposit Ratings, affirmed P-1

-- Senior Unsecured Medium-Term Note Program, affirmed (P)A1

-- Other Short-term, affirmed (P)P-1

-- Junior Subordinate Medium-Term Note Program, affirmed (P)Baa3

-- Subordinate Medium-Term Note Program, affirmed (P)Baa2

-- Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook
    changed to negative from stable

-- Long-term Deposit Ratings, affirmed A1, outlook changed to
    negative from stable

-- Outlook Actions:

-- Outlook, Changed To Negative From Stable

Issuer: Sparebanken Sor

-- Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Deposit Ratings, affirmed A1, outlook changed to
    negative from stable

-- Long-term Issuer Ratings, affirmed A1, outlook changed to
    negative from stable

-- Short-term Deposit Ratings, affirmed P-1

-- Adjusted Baseline Credit Assessment, affirmed baa1

-- Baseline Credit Assessment, affirmed baa1

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: Sparebanken Sogn og Fjordane

-- Assignments:

-- Long-term Issuer Ratings, assigned A2 negative

-- Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed A1(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Deposit Ratings, affirmed A2, outlook changed to
    negative from stable

-- Short-term Deposit Ratings, affirmed P-1

-- Adjusted Baseline Credit Assessment, affirmed baa1

-- Baseline Credit Assessment, affirmed baa1

-- Outlook Actions:

-- Outlook, changed to negative from stable

Issuer: SpareBank 1 SMN

-- Affirmations:

-- Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Long-term Deposit Ratings, affirmed A1 stable

-- Senior Unsecured Regular Bond/Debenture, affirmed A1 stable

-- Senior Unsecured Medium-Term Note Program, affirmed (P)A1

-- Subordinate Regular Bond/Debenture, affirmed Baa2 (hyb)

-- Subordinate Medium-Term Note Program, affirmed (P)Baa2

-- Junior Subordinate Medium-Term Note Program, affirmed (P)Baa3

-- Long-term Issuer Rating, affirmed A1 stable

-- Short-term Deposit Ratings, affirmed P-1

-- Adjusted Baseline Credit Assessment, affirmed baa1

-- Baseline Credit Assessment, affirmed baa1

-- Outlook Actions:

-- Outlook, remains stable



===========
R U S S I A
===========


NATSCORPBANK JSC: Placed Under Provisional Administration
---------------------------------------------------------
The Bank of Russia, by its Order No. OD-900, dated March 17,
2016, revoked the banking license of Moscow-based credit
institution National Corporate Bank JSC (NATSCORPBANK JSC) from
March 17, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within one year of Bank of
Russia requirements stipulated by Articles 6, 7 (excluding Clause
3 of Article 7) of the Federal Law "On Countering the
Legalisation (Laundering) of Criminally Obtained Incomes and the
Financing of Terrorism" and Bank of Russia regulatory
requirements issued in accordance with the said law, equity
capital adequacy ratios below two per cent, decrease in bank
equity capital below the minimum value of the authorized capital
established as of the date of the state registration of the
credit institution, due to application of measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

NATSCORPBANK JSC was violating banking laws and Bank of Russia
regulations during credit risk assessments.  The performance of
requirements of the supervisory authority to create provisions
adequate to the risks assumed resulted in the critical
downgrading of the credit institution's equity capital.  Under
these circumstances, the Bank of Russia performed its duty on the
revocation of the banking license from the credit institution in
accordance with Article 20 of the Federal Law ‘On Banks and
Banking Activities'.

Besides, NATSCORPBANK JSC failed to meet the Bank of Russia
regulations on countering the legalization (laundering) of
criminally obtained incomes and the financing of terrorism,
including, but not limited to, the timely and credible
notification of the authorized body of operations subject to
obligatory control.  Also, NATSCORPBANK JSC was involved in
dubious operations, including dubious transit operations.

The Bank of Russia, by its Order No. OD-901, dated February 17,
2016, has appointed a provisional administration to NATSCORPBANK
JSC for the period until the appointment of a receiver pursuant
to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In compliance with federal laws the powers
of the credit institution's executive bodies have been suspended.

NATSCORPBANK JSC is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than 1.4 million rubles
per one depositor.

According to the financial statements, as of March 1, 2016,
NATSCORPBANK JSC ranked 487th by assets in the Russian banking
system.



=========
S P A I N
=========


AUTOVIA DE LA MANCHA: Moody's Hikes EUR110MM Loan Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the underlying rating to
Ba3 from B1 of the EUR110 million guaranteed senior secured loan,
due 2031 raised by Autovia de la Mancha S.A. ("Aumancha"). In
addition, Moody's changed the outlook to stable, from positive.
The rating on the loan, taking into account the benefit of a
guarantee of scheduled payments of principal and interest
provided by Assured Guaranty (Europe) Ltd. (A2 stable, the
Insured Rating), is unchanged at A2.

Aumancha is a special purpose company that in June 2003 entered
into a 30-year concession agreement with Junta de Comunidades,
Castilla-La Mancha (Castilla-La Mancha, Ba2 stable) to build,
operate and maintain a 52.3 km shadow toll road, the Toledo to
Consuegra section of the Autovia de los Vinedos motorway linking
the cities of Toledo and Tomelloso in central Spain.

RATINGS RATIONALE

The rating upgrade reflects the positive impact on Aumancha's
financial metrics of a significant increase in its traffic
volumes in the last two years combined with the four-year track
record of timely payments from the offtaker.

Between 2014-2015, traffic on the project road grew by 9.6%,
almost reaching traffic levels not seen since 2010. The traffic
recovery mainly reflects an improvement in the macroeconomic
environment. The rating agency notes that the impact of higher
than expected traffic growth is partially offset by lower than
expected inflation as Aumancha's tariffs are indexed to the
Spanish consumer price index (CPI). The minimum and average DSCRs
under Moody's case, which assumes traffic growth closely linked
to Moody's GDP growth forecast for Spain until 2020 and below 1%
thereafter, are 1.43x and 1.65x, respectively.

Aumancha is a shadow toll road and relies on payments from the
offtaker, the region of Castilla-La Mancha. Aumancha has been
receiving timely payments in the last four years, following
historical payment delays in 2011. Since 2012 Castilla-La
Mancha's payments have been backed by a dedicated fund, Fondo
para la Financiacion de los Pagos a Proveedores, guaranteed by
the Government of Spain (Baa2 stable). Moody's expects that
Castilla-La Mancha will continue to provide timely payment to
Aumancha and that the region will continue to receive liquidity
support from the Government of Spain until fiscal pressure
persists.

The Ba3 rating on the underlaying loan remains constrained by the
credit quality of Castilla-La Mancha as payer under the
concession agreement. However, these risks are mitigated by the
improving traffic profile, Aumancha's satisfactory debt service
coverage ratios (DSCRs) even under downside traffic cases, and
its strong liquidity which would allow the project to withstand
more than 12 months of revenue shortfall.

The stable outlook reflects Moody's view that traffic volumes
will continue to grow albeit at a slower pace than in 2014-2015,
and the stable outlook on the Castilla-La Mancha's Ba2 rating
which is a constraint on the rating of Aumancha.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could consider upgrading the underlying rating if (1) the
rating of Castilla-La Mancha is upgraded and (2) Aumancha's
revenues and financial metrics remain in line with Moody's
estimates.

Conversely, Moody's could consider downgrading the underlying
rating if (1) there is a decline in traffic such that DSCRs
deteriorate and/or the project experiences further payment
delays; (2) operating, maintenance and lifecycle cost assumptions
were to prove inadequate; or (3) the rating of Castilla-La Mancha
is downgraded.


AUTOVIA DE LOS VINEDOS: Moody's Lifts Ratings on EIB Loan to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings to B3 from
Caa1 on the EUR103 European Investment Bank loan facility due
2030 (the "EIB Loan"), and the EUR64.1 million bonds due 2027
(the "Bonds"), both raised by Autovia de los Vinedos S.A
("Auvisa") in October 2004. In addition, Moody's changed the
outlook to stable, from positive. The EIB Loan and Bonds rank
pari passu senior secured. The EIB Loan benefits from
unconditional and irrevocable guarantee of scheduled principal
and interest under a financial guarantee insurance policy issued
by Syncora Guarantee (U.K.) Ltd. (SGUK, not rated).

Auvisa is a special purpose company, which in December 2003,
entered into a 30-year concession agreement with Junta de
Comunidades Castilla-La Mancha (Castilla-La Mancha, Ba2 stable)
to build, operate and maintain a 74.5km shadow toll road being
the Consuegra to Tomelloso section of the Autovia de los Vinedos
motorway linking the cities of Toledo and Tomelloso in central
Spain.

RATINGS RATIONALE

The rating upgrade reflects the four-year track record of timely
payments from the offtaker and an improvement in the underlying
economics of the projects following a significant increase in its
traffic volumes in the last two years.

Auvisa is a shadow toll road and relies on payments from the
offtaker, the region of Castilla-La Mancha. Auvisa has been
receiving timely payments in the last four years, following
historical payment delays in 2011. Since 2012 Castilla-La
Mancha's payments have been backed by a dedicated fund, Fondo
para la Financiacion de los Pagos a Proveedores, guaranteed by
the Government of Spain (Baa2 stable). Moody's expects that
Castilla-La Mancha will continue to provide timely payment to
Auvisa and that the region will continue to receive liquidity
support from the Government of Spain until fiscal pressure
persists.

Between 2014-2015, traffic on the project road grew by over 10%,
recovering close to traffic levels not seen since 2010. The
traffic recovery mainly reflects an improvement in the
macroeconomic environment. The rating agency notes that the
impact of higher than expected traffic growth is partially offset
by deflation in 2015 in Spain, as Auvisa's tariffs are indexed to
the Spanish consumer price index (CPI). The minimum and average
DSCRs under Moody's case, which assumes traffic growth closely
linked to Moody's GDP growth forecast for Spain until 2020 and
below 1% thereafter, are 0.26x and 0.99x, respectively. Moody's
DSCR calculation is different from Auvisa's in that it includes
transfers to the maintenance reserve account, as is customary in
financings of this type. Auvisa would be able to continue to pay
principal and interest using its debt service reserve account and
available cash balances under Moody's case.

As per the financing documents, Auvisa's DSCR calculation
includes transfers from, but not to, the MRA. This means that
Auvisa's forecast minimum and average DSCRs of 1.20x and 1.29x,
respectively, significantly higher than Moody's forecast. The
distribution lock-up criteria allow for dividends to be paid if
the projected DSCR and historical DSCR are greater than 1.2x.
While the EIB and SGUK as controlling creditors can block a
dividend payment, this covenant is weakly drafted, and Moody's
views this as a material weakness in the structure.

The B3 ratings remain constrained by (1) Auvisa's weak financial
metrics compared to peers; (2) the ineffectiveness of the lock-up
mechanism in protecting debt holders under downside scenarios;
(3) the credit quality of Castilla-La Mancha as payer under the
concession agreement; (4) high leverage; and (5) Auvisa's
exposure to low inflation as its revenues are linked to the
Spanish consumer price index (CPI). These risks are to some
extent mitigated by the improving traffic profile and Auvisa's
good liquidity which would allow the project to withstand more
than 12 months of revenue shortfall.

The stable outlook reflects Moody's expectation that (i) traffic
volumes and shadow toll revenues will continue to grow in line
with Moody's estimates; (ii) DSCR, calculated including movements
to the MRA, will drop below 1.00x; and (iii) the project's
reserves and accumulated cash balances will be sufficient to
cover cash flows shortfalls to pay interest and principal.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure may arise if shadow toll revenues
consistently outperform Moody's estimates, such that the expected
minimum DSCR, calculated including transfers to the MRA, is above
1.00x, and the region of Castilla-La Mancha continues to pay the
project on a timely basis.

Moody's could consider downgrading the underlying rating if (i)
there were a deterioration in shadow toll revenues and DSCR
consistently below Moody's estimates or further payment delays
from the region of Castilla-La Mancha; or (ii) operating,
maintenance and lifecycle cost assumptions were to prove
inadequate.


PYME BANCAJA 5: Fitch Affirms 'Csf' Rating on Class D Debt
----------------------------------------------------------
Fitch Ratings has revised the Outlook on PYME Bancaja 5, F.T.A.
to Stable and affirmed the ratings as follows:

  Class B (ISIN ES0372259038): affirmed at 'BBsf'; Outlook
  revised to Stable from Negative

  Class C (ISIN ES0372259046): affirmed at 'CCsf; Recovery
  Estimate 50%

  Class D (ISIN ES0372259053): affirmed at 'Csf'; RE 0%

PYME Bancaja 5, F.T.A. is a static cash flow SME CLO originated
by Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja),
now part of Bankia S.A. (BBB-/Stable/F3). The note proceeds were
used to purchase a EUR1.15 billion portfolio of secured and
unsecured loans granted to Spanish small and medium.

KEY RATING DRIVERS

Performance Improving
"Delinquencies have decreased markedly in the last year as 90d+
delinquencies fell to 0.7% in January 2016 from 6.5% a year
earlier. Total defaults since the transaction's closing in
November 2006 reached EUR71 million or 6.2% of the initial
portfolio balance, up from EUR58 million a year ago, but still
low compared with our expectations. As a result Fitch has
improved the annual average expected probability of default to
6.5% from 8.7%. This improved performance is reflected in the
Outlook revision to Stable today."

Increasing Concentration
As the transaction has deleveraged (the remaining portfolio as a
percentage of initial portfolio balance has decreased to 6.9%
from 8.3% during the last 12 months) the pool has become
increasingly concentrated. The 10 largest obligors now comprise
24% of the pool, up from 21% a year ago while obligors accounting
for 0.5% each represent a combined 76% of the portfolio balance
compared with 75% last year.

Slight Increase in Credit Enhancement
Credit enhancement for class B notes has remained fairly stable,
currently standing at 32.9% compared with 31% a year ago. The
credit enhancement build-up has been limited as asset
amortization has been partially offset by an increase in the
principal deficiency ledger to EUR8.4m from EUR3.9m over the same
period.

Under-collateralized Junior Notes
The class C notes have been affirmed at 'CCsf' with a recovery
estimate of 50% as the note is only partially backed by
performing collateral and will otherwise rely on recoveries. The
class D notes are affirmed at 'Csf' as these notes are backed by
the reserve fund, which is fully drawn. The reserve fund has been
fully drawn since November 2013 and since then the principal
deficiency ledger balance has shown an increasing trend.

RATING SENSITIVITIES

A 45% increase in the obligor default probability would lead to a
downgrade of up to three notches for the class B notes.

A 45% reduction in expected recovery rates would lead to a
downgrade of one notch for the class B notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the transaction. There were no
findings that were material to this analysis. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files
as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


SPAIN AUTO 2016-1: DBRS Finalizes BB(low) Rating on D Notes
-----------------------------------------------------------
DBRS Ratings Limited has finalized, as follows, the provisional
ratings previously assigned to the notes issued by FT Santander
Consumer Spain Auto 2016-1 (the issuer or the fund):

-- EUR650.2 million Series A Notes at AA (sf) (the Series A
    Notes)
-- EUR30.6 million Series B Notes at A (sf) (the Series B Notes)
-- EUR42.1 million Series C Notes at BBB (sf) (the Series C
    Notes)
-- EUR23.0 million Series D Notes at BB (low) (sf) (the Series D
    Notes)

The notes are backed by a portfolio of auto loan receivables
granted by Santander Consumer E.F.C., S.A. (SCF) to private
individuals and commercial entities to finance the purchase of
new and used vehicles in the Kingdom of Spain. The transaction
will use the proceeds of the Series A, Series B, Series C, Series
D and Series E notes to purchase the EUR765 million loan
portfolio. The Fund will also issue the Series F notes to fund
the EUR15.3 million reserve fund. The portfolio will be serviced
by SCF. The fund is managed by Santander de Titulizacion, SGFT.

The ratings are based upon review by DBRS of the following
analytical considerations:

-- Transaction capital structure and sufficiency of credit
   enhancement in the form of excess spread.

-- Relevant credit enhancement in the form of subordination and
    reserve funds available from the issue date.

-- Credit enhancement levels are sufficient to support the
    expected cumulative net loss assumption projected under
    various stress scenarios at a AA (sf) for Series A Notes, at
    A (sf) for Series B Notes, at BBB (sf) for Series C Notes and
    at BB (low) (sf) for Series D Notes.

-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay investors according to the terms
    under which they have invested.

-- The transaction parties' capabilities with respect to
    originations, underwriting, servicing and financial strength.

-- The credit quality of the underlying collateral and the
    ability of the servicer to perform collection activities on
    the collateral. DBRS conducted an operational risk review of
    SCF and deems SCF be an acceptable servicer.

-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the issuer and the
    consistency with DBRS's "Legal Criteria for European
    Structured Finance Transactions" methodology.

The transaction was modelled in Intex Dealmaker.


* Fitch Affirms 5 Spanish RMBS Transactions
-------------------------------------------
Fitch Ratings on March 21, 2016, affirmed five Spanish RMBS
transactions.

The transactions are serviced by Banco Mare Nostrum, S.A.
(BB/Stable/B) for AyT Caja Granada Hipotecario 1 and Ayt Caja
Murcia Hipotecario I; Liberbank S.A. (BB/Stable/B) for IM
Cajastur MBS 1; Banco de Sabadell S.A. for TDA 29 and Bankia,
S.A. (BBB/Stable/F3) for VAL Bancaja 1.

KEY RATING DRIVERS

Stable Credit Enhancement

The notes in AyT Caja Granada Hipotecario 1, IM Cajastur MBS 1,
TDA 29 and VAL Bancaja are currently paying sequentially (with
the exception of AyT Caja Granada) which has allowed credit
enhancement (CE) to continue building up. A switch to pro-rata is
not expected in the near future as various conditions remain
unmet.

"AyT Caja Murcia Hipotecario 1 has been paying pro-rata since
April 2010, and given the low arrears level we do not expect a
reverse to sequential payment in the next 12 months.
Consequently, further increases in CE will be restricted, and
this limits the scope for positive rating actions despite the
solid performance to date."

Overall Fitch considers the CE of the rated notes in these
transactions sufficient to withstand the rating stresses leading
to the affirmations.

Stable Asset Performance

With the exception of AyT Caja Granada Hipotecario 1, the deals
have shown sound asset performance compared with the average
Fitch-rated Spanish RMBS. Three-months plus arrears (excluding
defaults) as a percentage of the current pool balance range from
0.4% (AyT Caja Murcia Hipotecario) to 1.7% (IM Cajastur). These
numbers remain broadly in line with Fitch's index of three-months
plus arrears (excluding defaults) of 1.0%. For AyT Caja Granada,
three-month arrears have been consistently higher at 4.5%.

Cumulative defaults, defined as mortgages in arrears by more than
18 months (12 months for TDA 29), range from 0.3% (AyT Caja
Murcia Hipotecario) to 5.7% (Caja Granada) of original collateral
balance, with AyT Caja Granada the only transaction above the
sector average of 5.3%. Fitch believes that these levels are
likely to rise further in AyT Caja Granada as late-stage arrears
roll into the defaulted category. Given the increasing default
trend, Fitch has revised the Recovery Estimate for AyT Caja
Granada's class C notes to 0% from 10%

Maturity Extensions

Based on information provided by the servicers, Fitch found that
some borrowers in AyT Caja Granada and AyT Caja Murcia
transactions have been offered maturity extensions to their
loans. Fitch has increased the foreclosure frequency for these
loans as this signals a weaker borrower profile and found the
current CE to be sufficient to mitigate the risk.

Commercial Loan Exposure

Fitch notes that around 9% of the current pool balance of IM
Cajastur comprises loans granted to SMEs. Fitch applied an
additional 200% foreclosure frequency hit to these loans to
account for the greater default risk. Fitch also employed its
commercial Market Value Decline Matrix to derive the Recovery
Rates for this proportion of the pool. Fitch found the current CE
sufficient to mitigate the risk.

Reserve Fund Balances

The reserve funds for IM Cajastur and TDA 29 are close to their
targets (97% and 88%). However, for AyT Caja Granada the reserve
fund remains fully depleted, and the principal deficiency ledgers
(PDL) report debits of 6% of the current note balance. Given the
increasing growth of defaults in AyT Caja Granada, Fitch believes
further PDL debit balances may materialise on the next payment
dates. In contrast AyT Caja Murcia and Val Bancaja have fully-
funded reserve funds.

Absence of Hedging

"Fitch believes the absence of a swap in Val Bancaja exposes the
transaction to basis risk, which we have factored into the
analysis. Nevertheless, the agency considers the available CE
sufficient to withstand the resulting stresses."

Payment Interruption Risk

"Fitch considers the reserve fund balance in AyT Caja Murcia, IM
Cajastur and VAL Bancaja as well as the dedicated liquidity
reserve in AyT Caja Granada sufficient to provide liquidity to
cover a number of payments due to the senior noteholders and
relevant counterparties in the event of servicer or collection
account bank default. In contrast, the current balance of the
reserve fund in TDA 29 exposes senior noteholders to payment
interruption risk consistent with the low investment-grade
ratings. Therefore even if the transaction's performance improves
we are unlikely to upgrade the ratings above 'Asf'."

Commingling Exposure

Fitch believes all of the transactions are exposed to commingling
loss in the event of default of the collection account bank as
there is no certainty regarding the timely cessation of further
payments into the commingled accounts. The agency captured this
additional stress in its analysis and found the current CE
sufficient to mitigate the risk.

RATING SENSITIVITIES

  A worsening of the Spanish macroeconomic environment,
  especially employment conditions, or an abrupt shift of
  interest rates could jeopardise the underlying borrowers'
  affordability.

  An underperformance of the loans that have been granted
  maturity extensions in both AyT deals may lead to negative
  rating actions.

The ratings are also sensitive to changes to Spain's Country
Ceiling (AA+) and, consequently, changes to the highest
achievable rating of Spanish structured finance notes (AA+sf).

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pools ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

The rating actions are as follows:

AyT Caja Granada Hipotecario 1:
Class A notes (ISIN ES0312212006): affirmed at 'Asf'; Outlook
Stable
Class B notes (ISIN ES0312212014): affirmed at 'CCCsf'; Recovery
Estimate 95%
Class C notes (ISIN ES0312212022): affirmed at 'CCsf'; Recovery
Estimate revised to 0% from 10%
Class D notes (ISIN ES0312212030): affirmed at 'CCsf'; Recovery
Estimate 0%

AyT Caja Murcia Hipotecario I:
Class A notes (ISIN ES0312282009): affirmed at 'AA-sf'; Outlook
Stable
Class B notes (ISIN ES0312282017): affirmed at 'Asf'; Outlook
Stable
Class C notes (ISIN ES0312282025): affirmed at 'BB+sf'; Outlook
Stable

IM Cajastur MBS 1:
Class A notes (ISIN ES0347458004): affirmed at 'A+sf'; Outlook
Stable
Class B notes (ISIN ES0347458012): affirmed at 'BBB+sf'; Outlook
Stable

TDA 29:
Class A2 notes (ISIN ES0377931011): affirmed at 'BBBsf'; Outlook
Stable
Class B notes (ISIN ES0377931029): affirmed at 'Bsf'; Outlook
Stable
Class C notes (ISIN ES0377931037): affirmed at 'CCCsf'; Recovery
Estimate 65%
Class D notes (ISIN ES0377931045): affirmed at 'CCsf'; Recovery
Estimate 0%

VAL Bancaja 1:
Class A2 notes (ISIN ES0339721013): affirmed at 'A+sf'; Outlook
Stable
Class B notes (ISIN ES0339721021): affirmed at 'Asf'; Outlook
Stable
Class C notes (ISIN ES0339721039): affirmed at 'BBB+sf'; Outlook
Stable



===========
S W E D E N
===========


* Moody's Says Sweden Most at Risk of Asset Bubble
--------------------------------------------------
The central banks of Switzerland, Denmark and Sweden (all rated
Aaa stable) have been among the first to push policy rates into
negative territory. A year into this novel experience, Moody's
Investors Service concludes that, from among the three countries,
Sweden is most at risk of an -- ultimately unsustainable -- asset
bubble.

Moody's report is entitled "Governments of Switzerland, Denmark &
Sweden: Negative interest rates have unintended consequences,
with Sweden most at risk of asset bubble."

The rating agency's report is an update to the markets and does
not constitute a rating action.

The three countries' central banks have lowered their key policy
interest rates to the current -0.75% in Switzerland, -0.65% in
Denmark and -0.5% in Sweden, albeit for different reasons. The
Swiss and Danish central banks were aiming to reverse the intense
appreciation pressure on their currencies as a result of the
ECB's introduction of its quantitative easing program. In Sweden,
the central bank is focused on lifting persistently low
inflation, in the context of the ongoing strong economic
expansion.

"In Moody's view, the Danish and Swiss central banks have
achieved their main objective given that the appreciation
pressure on their currencies has eased or, in the case of
Denmark, even disappeared completely. But this is not the case
for Sweden, where the Riksbank has not been successful in
engineering higher inflation, while Sweden's GDP growth continues
to be among the strongest in the advanced economies," says
Kathrin Muehlbronner, a Senior Vice President at Moody's.

"At the same time, the unintended consequences of the ultra-loose
monetary policy are becoming increasingly apparent -- in the form
of rapidly rising house prices and persistently strong growth in
mortgage credit", adds Ms Muehlbronner. In Moody's view, these
trends will likely continue as interest rates will remain low,
raising the risk of a house price bubble, with potentially
adverse effects on financial stability as and when house prices
reverse trends. In all three countries, households are highly
leveraged, and while they also have high levels of financial
assets, returns on these assets will be under increasing pressure
if the negative interest and yield environment persists.

Moody's is not overly concerned about Switzerland and Denmark as
the rating agency considers these trends as "unavoidable" side
effects of an otherwise successful policy. Mortgage lending also
shows first signs of slowing in both countries, and Switzerland
in particular has deployed several macro-prudential tools to
reduce risks to financial stability.

However, Moody's believes the situation is different in Sweden.
It believes that the Riksbank will find it difficult to achieve
its objective of significantly pushing up consumer price
inflation in a deflationary global environment, while the
sustained and strong growth in mortgage lending and house prices
risks leading to an (ultimately unsustainable) asset bubble.

The Swedish authorities have imposed counter-cyclical capital
buffers on their banks, and the country's banking regulator has
announced additional measures with effect from mid-2016 onwards.
However, it remains to be seen how effective these measures will
be in achieving a material slowdown in credit growth and house
prices, while interest will likely remain at negative (or very
low) levels. In general, Moody's believes that macro-prudential
tools are most effective if they complement rather than oppose
the direction of monetary policy.



=============
U K R A I N E
=============


TAVRYKA BANK: Deposit Fund Extends Liquidation Until March 2017
---------------------------------------------------------------
Ukrainian News Agency reports that the Private Deposit Guarantee
Fund has extended the liquidation of Tavryka Bank by one year
until March 20, 2017.

The Fund executive board of administrators made this decision on
March 17, Ukrainian News Agency relates.  The powers of
liquidator Artem Karachentsev were also extended, Ukrainian News
Agency notes.

The National Bank of Ukraine and the Deposit Guarantee Fund
started procedure for liquidation of Tavryka Bank on March 21,
2013, Ukrainian News Agency recounts.  Then the Fund prolonged
the procedure until March 20, 2016, Ukrainian News Agency relays.

Tavryka Bank is based in Kyiv.



===========================
U N I T E D   K I N G D O M
===========================


AMEC FOSTER: Moody's Changes Outlook on Ba1 Rating to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 ratings pertaining
to Amec Foster Wheeler Plc (AMFW) but has changed the outlook to
negative, from stable. The affected ratings include the Ba1
Corporate Family Rating (CFR), the Ba1-PD probability of default
rating and the provisional (P)Ba1 rating for the senior unsecured
medium-term note program (MTN) of AMFW. The outlook for the
ratings is negative.

RATINGS RATIONALE

"While Amec's leverage remains well outside our requirements for
the existing rating, the group's plan to dispose of non-core
assets should bring credit metrics under control by 2017," says
Scott Phillips, a Moody's Vice President -- Senior Analyst and
lead analyst for Amec Foster Wheeler Plc. "Nevertheless, the
structural pressures facing the Global Power Group business, the
key asset to be sold, increases the execution risk of the
disposal plan," added Mr. Phillips.

At the end of 2015, AMFW's leverage (as measured by Moody's
adjusted debt / EBITDA) was 4.5x, which is considerably higher
than our expectations for the current rating, for which we expect
3.5x or lower. While underlying operating margins deteriorated
over the financial year, driven by weakness in the group's oil &
gas division, earnings were also negatively affected by
restructuring costs and other exceptional items (including
severance costs, professional fees and the costs of integrating
various IT platforms). While Moody's does not anticipate a
meaningful recovery in underlying trading margins, restructuring
costs will be materially lower in 2016 and will support a slight
reduction in leverage towards 4.0x.

Whilst Moody's expects AMFW's operations to only slightly weaken
in 2016 (excluding the effect of restructuring cost, the bulk of
the expected deleveraging, therefore, will be achieved through
the sale of the Global Power Group (GPG) business and other
assets whose combined valuation should reach between GBP450-500
million. However, GPG's financial performance is somewhat
dependent on the outlook for global coal-fired power generation,
which faces a number of structural pressures. The rating agency
believes these challenges increase the uncertainty in valuing the
GPG business and therefore the execution risk around the disposal
plan, which, however, is somewhat mitigated by the historically
high profitability of GPG.

While Moody's does not expect leverage to reduce meaningfully in
2016, the rating agency anticipates that a successfully executed
disposal strategy will bring leverage in-line with guidance by
the end of 2017. The agency also notes that the order backlog is
increasingly driven by downstream work in the oil & gas sector as
well as from the Clean Energy business which reduces the group's
reliance on a recovery in the oil price.

LIQUIDITY

Moody's believes AMFW's liquidity position is adequate. At the
end of 2015, the group had GBP 340 million of cash on the balance
sheet, the bulk of which the agency believes is unrestricted. In
the period 2016-2017 Moody's anticipates AMFW will generate
around GBP230-270 million of Funds From Operations (FFO) and
following the recent re-financing will have full access to the
GBP400 million Revolving Credit Facility (RCF).

WHAT COULD CHANGE THE RATING UP / DOWN

Given the recent outlook change, Moody's does not see any upwards
rating pressure at the current time. Nevertheless, upwards
pressure would exist if the company's profit margins were to
improve from current levels (Moody's adjusted EBITA margin of
around 5.2% in 2015) and its debt metrics were to sustainably
improve, as evidenced by adjusted leverage (debt to EBITDA)
falling towards 2.5 times, interest cover above 5.0 times and
strong cash flow generation.

Conversely, negative rating pressure could develop if AMFW is
unable to fully execute its intended disposal plan, if there is a
further deterioration in operating margins or if the group were
to generate negative free cash flows. Additionally, a
deterioration in the group's liquidity profile would also be a
factor for a downgrade.


BHS GROUP: Optimistic on CVA Vote, Needs GBP100MM in Funding
------------------------------------------------------------
Sarah Butler and Graham Ruddick at The Guardian report that BHS
believes it has secured the backing of major landlords for a
vital vote this week that will determine the future of the 88-
year-old department store chain.

The retailer needs 75% of creditors to vote in favor of a company
voluntary arrangement (CVA) at a meeting today, March 23, or it
will collapse into administration, The Guardian notes.

However, even if the CVA is approved, BHS has warned that it
needs extra funding to trade beyond March 25 and it is trying to
raise GBP100 million, The Guardian discloses.

Darren Topp, the BHS chief executive, as cited by The Guardian,
said he is "confident but not complacent" that creditors will
back the CVA, a form of insolvency procedure.

The CVA involves landlords agreeing to significant cuts to the
rent on more than half of BHS's shops, with as many as 40 closing
within weeks, The Guardian states.

However, one major landlord said BHS's proposal was "not stupid"
and he expected most landlords would support it, according to The
Guardian.  He said that a clause which gives landlords 180 days
to decide if they want to take back premises where they have
agreed to take a rental cut of 50% or 75% had provided
reassurance, The Guardian relays.

BHS's biggest creditors -- the Pension Protection Fund -- could
abstain from the vote, The Guardian says.   The PPF is set to
take control of BHS's pension fund and its deficit of GBP571
million, but is considering standing aside in the CVA vote to
allow landlords to decide, The Guardian discloses.  Landlords are
the only group of creditors that are being asked to make
concessions in the CVA, The Guardian states.

According to The Guardian, a small number of votes have already
been posted ahead of the meeting, and the majority is understood
to back the CVA.

BHS, The Guardian says, is also hoping to make an announcement
this week about new funding.  The CVA document reveals that it is
trying to raise GBP100 million, The Guardian relays.  This
includes a GBP60 million loan, likely to come from the
restructuring firm Gordon Brothers, which will be secured against
stock and debtors, according to The Guardian.

BHS Group is a department store chain.  The company employs
10,000 people and has 164 shops.


BOLTON WANDERERS: Taxes Settled, Winding-Up Petition Dismissed
--------------------------------------------------------------
Jan Colley and Brian Farmer at Press Association report that
Bolton Wanderers' bosses say tax debts have been settled in the
wake of a takeover.

Inland Revenue officials wanted struggling Bolton wound up after
complaining that the Sky Bet Championship club owed more than
GBP2 million, Press Association relates.  But a specialist judge
dismissed a winding up petition at a High Court hearing in London
on March 21, Press Association relays.

Lawyers told Registrar Clive Jones that the debt had been paid in
full, Press Association discloses.

"Following completion of the takeover deal, the club have now
fulfilled all overdue outstanding payments to HMRC," Press
Association quotes a Bolton spokesman as saying.

Earlier this year, the judge had given Bolton more time to pay
after being told of plans to raise cash, Press Association
recounts.

Club officials subsequently announced that a consortium fronted
by former club striker Dean Holdsworth had taken control, Press
Association notes.

Bolton Wanderers is an English professional football club based
in Bolton.


CELESTE MORTGAGE: DBRS Confirms B(sf) Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited on March 21, 2016, confirmed its ratings on
the following bonds issued by Celeste Mortgage Funding 2015-1 PLC
(the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

The confirmation of the ratings on the Class A to Class F Notes
(together, the Rated Notes) is based on the following analytical
considerations as described more fully below:

-- Portfolio performance, in terms of delinquencies and
    defaults, as of February 2016.
-- Updated portfolio default rate, loss given default and
    expected loss assumptions for the remaining collateral pool.
-- Current available credit enhancement to the Rated Notes to
    cover the expected losses at their current rating levels.

Celeste Mortgage Funding 2015-1 PLC is a securitization of U.K.
Buy-to-Let and non-conforming residential mortgages originated by
Basinghall Finance Limited (BFL) and GMAC-RFC Limited. The
portfolio is currently being serviced by Bluestone Mortgages Ltd
(who acquired BFL in December 2014) and Homeloan Management
Limited.

As of February 2016, two- to three-month arrears were at 1.21%,
and the 90+ delinquency ratio was at 0.84%. Current realised
losses are low at ú34,841.

As of February 2016, credit enhancement to the Class A Notes was
40.58%, up from 37.15% at the DBRS initial rating. Credit
enhancement to the Class B Notes was 28.17%, up from 25.65% at
the DBRS initial rating. Credit enhancement to the Class C Notes
was 18.03%, up from 16.25% at the DBRS initial rating. Credit
enhancement to the Class D Notes was 13.50%, up from 12.05% at
the DBRS initial rating. Credit enhancement to the Class E Notes
was 9.61%, up from 8.45% at the DBRS initial rating. Credit
enhancement to the Class F Notes was 7.99%, up from 6.95% at the
DBRS initial rating. Credit enhancement to each class of Rated
Notes consists of subordination of junior classes and the Credit
Reserve portion of the Reserve Fund.

The transaction benefits from a Reserve Fund that is split into
two components, the Credit Reserve and the Liquidity Reserve. The
Credit Reserve forms part of available revenue funds and is
available to reduce any outstanding PDL balance on the Rated
Notes, while the Liquidity Reserve covers senior fees and
interest shortfall on the Rated Notes. The Reserve Fund is
currently funded to the level of approximately ú5.02 million and
is allowed to increase up to a target level of ú5.37 million
utilizing excess spread.

Citibank N.A., London Branch acts as account bank for this
transaction. The DBRS private rating of Citibank N.A., London
Branch complies with the Minimum Institution Rating, given the
rating assigned to the Class A Notes, as described in DBRS's
Legal Criteria for European Structured Finance Transactions
methodology.


FLY SALONE: Halts Operations, Enters Liquidation
------------------------------------------------
Awoko reports that Fly Salone has ceased operation and entering
into liquidation.

"All passengers will therefore be unable to fly with this airline
as the Company will shortly be entering into Liquidation.  All
passengers that have paid for their bookings using
Visa/Mastercard debit or credit cards should seek a refund
through their bank directly," Awoko quotes Fly Salone as saying
on its website on March 17.

"All other passengers will be contacted in due course with full
details regarding how to make a claim which will include a claim
form to complete and submit."

Fly Salone was an airline based in the United Kingdom that
operated scheduled and charter flights between London and
Freetown, Sierra Leone.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *